Establishes cooperative limited equity housing corporations in Maryland, detailing conversion processes, member rights, and local government.

The bill establishes cooperative limited equity housing corporations in Maryland, detailing the conversion process for nonstock corporations, member rights, and restrictions on local governments. It outlines the conversion process, including member voting requirements and documentation. The bill mandates that 75% of members must be in low-income households, with the remainder in moderate-income households. It prohibits local governments from imposing restrictions on these corporations or their conversions.

Establishes cooperative limited equity housing corporations in Maryland, detailing conversion processes, member rights, and local government.

The bill establishes cooperative limited equity housing corporations in Maryland, detailing the conversion process for nonstock corporations, member rights, and restrictions on local governments. It outlines the conversion process, including member voting requirements and documentation. The bill mandates that 75% of members must be in low-income households, with the remainder in moderate-income households. It prohibits local governments from imposing restrictions on these corporations or their conversions.