Nonprofit Housing Corporations - Tax and Enforcement of Judgment Exemptions - Alterations

SB 369 exempts certain real property owned by nonprofit housing corporations (or their subsidiaries) that provides housing for low-income residents from state and local taxes and special assessments. It also protects this housing property from being seized through court judgments or enforcement actions, while allowing nonprofits to pay a mutually agreed fee instead of taxes. The bill applies to organizations meeting specific criteria: incorporated in Maryland, recognized as 501(c)(3) nonprofits, and operating primarily for affordable housing. Key changes include clarifying which properties qualify for exemptions and reinforcing that judgments against these nonprofits cannot create liens on their housing properties. The law takes effect July 1, 2026.