Corporations and Associations - Cooperative Limited Equity Housing Corporations - Establishment

HB 85 creates a legal framework for Maryland nonstock corporations (like rental property owners) to convert into cooperative limited equity housing corporations. It establishes requirements for conversion, including a 60-day vote by members, and mandates that these cooperatives provide moving expense reimbursements and advance notice to low-income households (earning ≤80% of area median income) if they sell their units. The bill also sets rules for membership composition, restricts how cooperative interests can be sold or appreciated, and prohibits local governments from blocking such conversions. The Maryland Department of Housing will oversee implementation, including setting standards and providing grants to support new cooperative housing projects.