Maryland 2025 Regular Session

Maryland Senate Bill SB1011 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb1011
6	6
7	7	SENATE BILL 1011
8	8	N1, C9 5lr3563
9	9	CF HB 1411
10	10	By: Senator Attar
11	11	Introduced and read first time: February 3, 2025
12	12	Assigned to: Rules
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Real Property – Insufficient Condominium Reserve Account Grant Fund – 2
19	19	Establishment 3
20	20
21	21	FOR the purpose of establishing the Insufficient Condominium Reserve Account Grant 4
22	22	Fund as a special, nonlapsing fund to provide grants to low–income unit owners of 5
23	23	condominiums with insufficient reserve accounts to enable a low–income unit owner 6
24	24	to pay increased assessments necessary for a condominium association to meet 7
25	25	reserve account funding requirements; requiring interest earnings to be credited to 8
26	26	the Fund; requiring that the Fund prioritize certain older adults; and generally 9
27	27	relating to the Insufficient Condominium Reserve Account Grant Fund. 10
28	28
29	29	BY adding to 11
30	30	Article – Real Property 12
31	31	Section 11–144 13
32	32	Annotated Code of Maryland 14
33	33	(2023 Replacement Volume and 2024 Supplement) 15
34	34
35	35	BY repealing and reenacting, without amendments, 16
36	36	Article – State Finance and Procurement 17
37	37	Section 6–226(a)(2)(i) 18
38	38	Annotated Code of Maryland 19
39	39	(2021 Replacement Volume and 2024 Supplement) 20
40	40
41	41	BY repealing and reenacting, with amendments, 21
42	42	Article – State Finance and Procurement 22
43	43	Section 6–226(a)(2)(ii)204. and 205. 23
44	44	Annotated Code of Maryland 24
45	45	(2021 Replacement Volume and 2024 Supplement) 25
46	46
47	47	BY adding to 26
48	48	Article – State Finance and Procurement 27 2 SENATE BILL 1011
49	49
50	50
51	51	Section 6–226(a)(2)(ii)206. 1
52	52	Annotated Code of Maryland 2
53	53	(2021 Replacement Volume and 2024 Supplement) 3
54	54
55	55	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4
56	56	That the Laws of Maryland read as follows: 5
57	57
58	58	Article – Real Property 6
59	59
60	60	11–144. 7
61	61
62	62	(A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 8
63	63	INDICATED. 9
64	64
65	65	(2) “DEPARTMENT ” MEANS THE DEPARTMENT OF HOUSING AND 10
66	66	COMMUNITY DEVELOPMENT . 11
67	67
68	68	(3) “FUND” MEANS THE INSUFFICIENT CONDOMINIUM RESERVE 12
69	69	ACCOUNT GRANT FUND. 13
70	70
71	71	(4) “LOW–INCOME UNIT OWNER ” MEANS AN INDIVIDUAL OWNER OF A 14
72	72	CONDOMINIUM UNIT WHO IS A MEMBER OF A HOUSEHOLD WITH AN INCOME THAT IS 15
73	73	NOT GREATER THAN 80% OF THE AREA MEDIAN I NCOME. 16
74	74
75	75	(5) “SECRETARY” MEANS THE SECRETARY OF HOUSING AND 17
76	76	COMMUNITY DEVELOPMENT . 18
77	77
78	78	(B) THERE IS AN INSUFFICIENT CONDOMINIUM RESERVE ACCOUNT 19
79	79	GRANT FUND. 20
80	80
81	81	(C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS TO LOW–INCOME 21
82	82	UNIT OWNERS TO PAY F OR INCREASED ASSESSM ENTS NECESSARY FOR A 22
83	83	CONDOMINIUM ASSOCIAT ION TO MEET RESERVE FUNDING REQUIREMENTS UNDER 23
84	84	§ 11–109.2 OF THIS TITLE. 24
85	85
86	86	(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS N OT 25
87	87	SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 26
88	88
89	89	(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 27
90	90	AND THE SECRETARY SHALL ACCOU NT FOR THE FUND. 28
91	91
92	92	(E) THE FUND CONSISTS OF : 29
93	93
94	94	(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 30 SENATE BILL 1011 3
95	95
96	96
97	97
98	98	(2) INTEREST EARNINGS OF THE FUND; AND 1
99	99
100	100	(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 2
101	101	THE BENEFIT OF THE FUND. 3
102	102
103	103	(F) THE FUND MAY BE USED ONLY TO PROVIDE GRANTS TO LOW–INCOME 4
104	104	UNIT OWNERS TO COVER INCREASED ASSESSMENT S NECESSARY TO MEET TH E 5
105	105	REQUIRED RESERVES OF THE CONDOMINIUM . 6
106	106
107	107	(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 7
108	108	IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 8
109	109
110	110	(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 9
111	111	THE FUND. 10
112	112
113	113	(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 11
114	114	WITH THE STATE BUDGET . 12
115	115
116	116	(I) (1) THE SECRETARY SHALL : 13
117	117
118	118	(I) ADMINISTER THE FUND AND AWARD GRANTS FROM THE 14
119	119	FUND TO ELIGIBLE LOW –INCOME UNIT OWNERS ; 15
120	120
121	121	(II) ESTABLISH PROCEDURES FOR LOW–INCOME UNIT OWNERS 16
122	122	TO APPLY FOR AND REC EIVE GRANTS FROM THE FUND; AND 17
123	123
124	124	(III) PUBLICIZE THE FUND AND THE APPLICAT ION PROCESS FOR 18
125	125	THE FUND. 19
126	126
127	127	(2) PRIORITY FOR GRANTS A WARDED UNDER THIS SE CTION SHALL BE 20
128	128	GIVEN TO LOW–INCOME UNIT OWNERS W HO ARE AT LEAST 65 YEARS OLD. 21
129	129
130	130	(3) BY DECEMBER 31 EACH YEAR, LOW–INCOME UNIT OWNERS W HO 22
131	131	RECEIVE GRANTS FROM THE FUND SHALL REPORT TO THE DEPARTMENT 23
132	132	REGARDING THE RESERV E ACCOUNT BALANCE IN A MANNER DETERMINED BY THE 24
133	133	DEPARTMENT . 25
134	134
135	135	(J) MONEY EXPENDED FROM T HE FUND SHALL BE SUPPLEM ENTAL TO AND 26
136	136	IS NOT INTENDED TO T AKE THE PLACE OF FUN DING THAT OTHERWISE WOULD BE 27
137	137	APPROPRIATED FOR A U NIT OWNER TO PAY FOR INCREASED ASSESSMENT S AGAINST 28
138	138	THE OWNER TO MEET TH E INCREASED RESERVE ACCOUNT AMOUNT REQUI RED 29
139	139	UNDER § 11–109.2 OF THIS TITLE. 30 4 SENATE BILL 1011
140	140
141	141
142	142
143	143	Article – State Finance and Procurement 1
144	144
145	145	6–226. 2
146	146
147	147	(a) (2) (i) 1. This subparagraph does not apply in fiscal years 2024 3
148	148	through 2028. 4
149	149
150	150	2. Notwithstanding any other provision of law, and unless 5
151	151	inconsistent with a federal law, grant agreement, or other federal requirement or with the 6
152	152	terms of a gift or settlement agreement, net interest on all State money allocated by the 7
153	153	State Treasurer under this section to special funds or accounts, and otherwise entitled to 8
154	154	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 9
155	155	Fund of the State. 10
156	156
157	157	(ii) The provisions of subparagraph (i) of this paragraph do not apply 11
158	158	to the following funds: 12
159	159
160	160	204. the Victims of Domestic Violence Program Grant Fund; 13
161	161	[and] 14
162	162
163	163	205. the Proposed Programs Collaborative Grant Fund; AND 15
164	164
165	165	206. THE INSUFFICIENT CONDOMINIUM RESERVE 16
166	166	ACCOUNT GRANT FUND. 17
167	167
168	168	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 18
169	169	October 1, 2025. 19
170	170