Housing

SB 511 creates a legal path for Maryland nonstock housing corporations to convert into cooperative limited equity housing corporations (CLEHCs), which are member-owned housing entities where residents hold cooperative interests rather than traditional property ownership. The bill establishes conversion procedures, requires CLEHCs to maintain specific membership composition (including low/moderate-income households), limits resale profits on housing interests, and mandates relocation reimbursements for affected households during conversion. It also authorizes Maryland's Department of Housing to create additional rules and grant funding for CLEHCs while prohibiting local governments from restricting conversions. This directly affects current nonstock housing corporations and residents in properties transitioning to CLEHC ownership.

SB 455 establishes the Transformational Project Financing Program to help local governments fund large-scale development projects in designated areas. It allows counties or cities to apply to the Maryland Economic Development Corporation for "State-supported development district" status, requiring them to redirect property tax increases (tax increment) from these areas into a special fund instead of the general budget. This fund finances projects in priority areas like sustainable communities, transit-oriented developments, and designated enterprise zones. The bill creates new rules for calculating state revenue contributions and managing bond proceeds specifically for these designated districts.