Real Property - Insufficient Condominium Reserve Account Grant Fund - Establishment

HB 453 establishes the Insufficient Condominium Reserve Account Grant Fund to provide grants to low-income condominium owners (defined as households earning ≤80% of area median income) who face increased assessments needed to meet reserve account requirements. The fund, which automatically earns interest and continues year-to-year, covers these costs directly and prioritizes applicants aged 65 or older. Condominium associations must report annual reserve balance updates to the Department of Housing and Community Development for grant recipients. This policy change directly affects qualifying condominium residents and associations in Maryland, ensuring financial assistance without replacing other funding sources.