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§ 14-501. Definitions

West's Annotated Code of MarylandReal PropertyEffective: June 1, 2023

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 14. Miscellaneous Rules (Refs & Annos)
Subtitle 5. Affordable Housing Land Trusts (Refs & Annos)
Effective: June 1, 2023
MD Code, Real Property, § 14-501
§ 14-501. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Affordable housing land trust
(b) “Affordable housing land trust” means an entity that:
(1) Provides affordable housing to low-income families and moderate-income families through an affordable housing land trust agreement; and
(2) Is organized or managed by:
(i) A nonprofit organization exempt from taxation under § 501(c)(2), (3), or (4) of the United States Internal Revenue Code; or
(ii) A unit or instrumentality of the State or a political subdivision of the State.
Affordable housing land trust agreement
(c) “Affordable housing land trust agreement” means an agreement between an affordable housing land trust and a purchaser of real property owned by the affordable housing land trust, or for which the affordable housing land trust has a proprietary or reversionary interest, that:
(1) Grants the affordable housing land trust a preemptive right to purchase or repurchase the property, including any improvements on the property;
(2) Contains language restricting the transfer, lease, sublease, assignment, or occupancy of the property with regard to:
(i) Potential transferees, sublessees, assignees, or occupants; and
(ii) The price at which the property may be transferred; or
(3) Imposes other conditions on the use or transfer of the property that would trigger a reversionary interest and that are designed to ensure that the property remains available and affordable to low-income families and moderate-income families.
Family
(d) “Family” means a household consisting of one or more individuals.
Low-income family
(e) “Low-income family” means a household with an income that does not exceed 80% of the area median income for a household of the same size.
Moderate-income family
(f) “Moderate-income family” means a household with an income that does not exceed 140% of the area median income for a household of the same size.
Nonprofit status
(g) “Nonprofit status” means the recognition by the Internal Revenue Service that an affordable housing land trust is exempt from taxation under § 501(c)(2), (3), or (4) of the Internal Revenue Code.

Credits

Added by Acts 2010, c. 609, § 1, eff. Oct. 1, 2010; Acts 2010, c. 610, § 1, eff. Oct. 1, 2010. Amended by Acts 2023, c. 487, § 1, eff. June 1, 2023.
MD Code, Real Property, § 14-501, MD REAL PROP § 14-501
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document