Corporations and Associations - Limited Equity Housing Cooperatives - Establishment

HB 1052 establishes a legal framework for "limited equity housing cooperatives" (LEHCs) in Maryland, allowing nonstock corporations (like rental properties) to convert into member-owned housing cooperatives. The bill requires conversion procedures including notice to residents and reimbursement of moving expenses for certain households if they must relocate. It limits how much a cooperative share can appreciate in value to maintain affordability and provides tax benefits such as state property tax exemptions (with a cap) and local tax credits for LEHC-owned properties. Additionally, the Department of Housing and Community Development can offer grants to support the creation of new LEHCs.