MD HB1052

Maryland nonstock corporations may convert to limited equity housing cooperatives after acquiring residential rental facilities with at least 5 dwelling units, requiring a two-thirds member vote for final conversion approval

Cooperative interests may only be sold to low-income households (income at or below 80% of area median income), with resale prices capped at the original purchase price adjusted for inflation plus approved improvements

Low-income households with disabled persons or seniors (62+) who are required to vacate during conversion receive 12 months notice instead of 90 days, plus moving expense reimbursement of $375-$750

Limited equity housing cooperatives are exempt from State property tax for the first 5 years of property ownership, and local governments may grant additional property tax credits

Local governments are prohibited from imposing restrictions on limited equity housing cooperatives, including restrictions on the sale of rental facilities to nonstock corporations planning to convert