MD SB927

Maryland nonstock corporations may convert to cooperative limited equity housing corporations after acquiring residential rental facilities with at least 5 dwelling units, requiring a two-thirds affirmative vote of total members

Conversion requires submitting articles of incorporation, disclosure statements, bylaws, operating budgets, and share agreements to the Department of Housing and Community Development within 90 days of the conversion vote

Households that decline membership and must vacate receive 90 days notice, extended to 12 months for low-income households with disabled persons or senior citizens (62+) who have resided there at least 12 months

Low-income households required to vacate must receive moving expense reimbursement between $375 and $751 for actual costs incurred

Resale of cooperative interests is limited to the original cost plus inflation adjustment and approved improvements, and may only be sold to low-income households (income not exceeding 80% of area median income)