MD SB1011

Establishes the Insufficient Condominium Reserve Account Grant Fund as a special, nonlapsing fund administered by the Department of Housing and Community Development

Provides grants to low-income condominium unit owners (households at or below 80% of area median income) to help pay increased assessments required for their association to meet reserve funding requirements under § 11–109.2

Priority for grants must be given to low-income unit owners who are at least 65 years old

Grant recipients must report annually to the Department by December 31 regarding their condominium's reserve account balance

Takes effect October 1, 2025