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EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*hb0453*
HOUSE BILL 453
N1, C9 6lr2298
HB 1411/25 – ENT
By: Delegates Rosenberg, Ruff, and Stinnett
Introduced and read first time: January 23, 2026
Assigned to: Economic Matters
A BILL ENTITLED
AN ACT concerning 1
Real Property – Insufficient Condominium Reserve Account Grant Fund – 2
Establishment 3
FOR the purpose of establishing the Insufficient Condominium Reserve Account Grant 4
Fund as a special, nonlapsing fund to provide grants to low –income unit owners of 5
condominiums with insufficient reserve accounts to enable a low–income unit owner 6
to pay increased assessments necessary for a condominium association to meet 7
reserve account funding requirements; requiring interest earnings to be credited to 8
the Fund; requiring that the Fund prioritize certain older adults; and generally 9
relating to the Insufficient Condominium Reserve Account Grant Fund. 10
BY adding to 11
Article – Real Property 12
Section 11–144 13
Annotated Code of Maryland 14
(2023 Replacement Volume and 2025 Supplement) 15
BY repealing and reenacting, without amendments, 16
Article – State Finance and Procurement 17
Section 6–226(a)(2)(i) and (ii) 18
Annotated Code of Maryland 19
(2021 Replacement Volume and 2025 Supplement) 20
BY repealing and reenacting, with amendments, 21
Article – State Finance and Procurement 22
Section 6–226(a)(2)(iii)212. and 213. 23
Annotated Code of Maryland 24
(2021 Replacement Volume and 2025 Supplement) 25
BY adding to 26
Article – State Finance and Procurement 27
2 HOUSE BILL 453
Section 6–226(a)(2)(iii)214. 1
Annotated Code of Maryland 2
(2021 Replacement Volume and 2025 Supplement) 3
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 4
That the Laws of Maryland read as follows: 5
Article – Real Property 6
11–144. 7
(A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 8
INDICATED. 9
(2) “DEPARTMENT” MEANS THE DEPARTMENT OF HOUSING AND 10
COMMUNITY DEVELOPMENT. 11
(3) “FUND” MEANS THE INSUFFICIENT CONDOMINIUM RESERVE 12
ACCOUNT GRANT FUND. 13
(4) “LOW–INCOME UNIT OWNER” MEANS AN INDIVIDUAL OWNER OF A 14
CONDOMINIUM UNIT WHO IS A MEMBER OF A HOUSEHOLD WITH AN INCOME THAT IS 15
NOT GREATER THAN 80% OF THE AREA MEDIAN INCOME. 16
(5) “SECRETARY” MEANS THE SECRETARY OF HOUSING AND 17
COMMUNITY DEVELOPMENT. 18
(B) THERE IS AN INSUFFICIENT CONDOMINIUM RESERVE ACCOUNT 19
GRANT FUND. 20
(C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS TO LOW–INCOME 21
UNIT OWNERS TO PAY F OR INCREASED ASSESSM ENTS NECESSARY FOR A 22
CONDOMINIUM ASSOCIATION TO MEET RESERVE FUNDING REQUIREMENTS UNDER 23
§ 11–109.2 OF THIS TITLE. 24
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 25
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 26
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 27
AND THE SECRETARY SHALL ACCOUNT FOR THE FUND. 28
(E) THE FUND CONSISTS OF: 29
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 30
HOUSE BILL 453 3
(2) INTEREST EARNINGS OF THE FUND; AND 1
(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 2
THE BENEFIT OF THE FUND. 3
(F) THE FUND MAY BE USED ONLY TO PROVIDE GRANTS TO LOW–INCOME 4
UNIT OWNERS TO COVER INCREASED ASSESSMENT S NECESSARY TO MEET THE 5
REQUIRED RESERVES OF THE CONDOMINIUM. 6
(G) (1) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND 7
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED. 8
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 9
THE FUND. 10
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 11
WITH THE STATE BUDGET. 12
(I) (1) THE SECRETARY SHALL: 13
(I) ADMINISTER THE FUND AND AWARD GRANTS FROM THE 14
FUND TO ELIGIBLE LOW–INCOME UNIT OWNERS; 15
(II) ESTABLISH PROCEDURES FOR LOW–INCOME UNIT OWNERS 16
TO APPLY FOR AND RECEIVE GRANTS FROM THE FUND; AND 17
(III) PUBLICIZE THE FUND AND THE APPLICATION PROCESS FOR 18
THE FUND. 19
(2) PRIORITY FOR GRANTS AWARDED UNDER THIS SECTION SHALL BE 20
GIVEN TO LOW–INCOME UNIT OWNERS WHO ARE AT LEAST 65 YEARS OLD. 21
(3) BY DECEMBER 31 EACH YEAR, LOW–INCOME UNIT OWNERS WHO 22
RECEIVE GRANTS FROM THE FUND SHALL REPORT TO THE DEPARTMENT 23
REGARDING THE RESERVE ACCOUNT BALANCE IN A MANNER DETERMINED BY THE 24
DEPARTMENT. 25
(J) MONEY EXPENDED FROM THE FUND SHALL BE SUPPLEMENTAL TO AND 26
IS NOT INTENDED TO T AKE THE PLACE OF FUN DING THAT OTHERWISE WOULD BE 27
APPROPRIATED FOR A UNIT OWNER TO PAY FOR INCREASED ASSESSMENTS AGAINST 28
THE OWNER TO MEET TH E INCREASED RESERVE ACCOUNT AMOUNT REQUIRED 29
UNDER § 11–109.2 OF THIS TITLE. 30
4 HOUSE BILL 453
Article – State Finance and Procurement 1
6–226. 2
(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028. 3
(ii) Notwithstanding any other provision of law, and unless 4
inconsistent with a federal law, grant agreement, or other federal requirement or with the 5
terms of a gift or settlement agreement, net interest on all State money allocated by the 6
State Treasurer under this section to special funds or accounts, and otherwise entitled to 7
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 8
Fund of the State. 9
(iii) The provisions of subparagraph ( ii) of this paragraph do not 10
apply to the following funds: 11
212. the Department of Social and Ec onomic Mobility Special 12
Fund; [and] 13
213. the Population Health Improvement Fund; AND 14
214. THE INSUFFICIENT CONDOMINIUM RESERVE 15
ACCOUNT GRANT FUND. 16
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 17
October 1, 2026. 18