MD HB453

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 (household income at or below 80% of area median income) to pay increased assessments required 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

Effective date: October 1, 2026