Corporations and Associations - Cooperative Limited Equity Housing Corporations - Establishment

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.