Real Property - Insufficient Condominium Reserve Account Grant Fund - Establishment

SB 1011 establishes a permanent state fund to provide grants to low-income condominium unit owners who cannot afford increased assessments required for their association to build reserve funds for future repairs. It targets owners with household incomes at or below 80% of the local area median income, with priority given to residents aged 65 or older. The fund, financed through state appropriations and interest earnings, covers the cost of necessary reserve-related fees without replacing existing housing assistance. Recipients must report annually on their condo's reserve account balance to the Maryland Department of Housing and Community Development.