Real Property - Insufficient Condominium Reserve Account Grant Fund - Establishment

HB 1411 establishes a permanent state fund to provide grants to low-income condominium unit owners who cannot afford increased assessments required to meet reserve account funding standards. The fund targets owners with household incomes at or below 80% of the area median income, prioritizing those aged 65 or older. It is funded through state budget appropriations and interest earnings, and grants cover only the portion of increased assessments that would otherwise fall on the owner - supplementing, not replacing, existing funding. The program requires annual reporting on reserve balances by recipients and is administered by Maryland's Department of Housing and Community Development.