Corporations and Associations - Cooperative Limited Equity Housing Corporations - Establishment

SB 927 allows Maryland nonstock housing corporations to convert into limited equity housing cooperatives (LEHCs), where residents own shares rather than renting units. It requires LEHCs to provide notice and reimburse moving expenses for low-income households displaced during conversion, and exempts LEHC-owned property from state property tax (with limitations). The bill also authorizes state grants to support LEHC establishment, prohibits local governments from restricting LEHCs, and sets rules for member voting and resale of housing shares. These changes aim to make cooperative housing more accessible while protecting current residents during transitions.