Lauren Bunting Broker MD & DE

Md. Realtors recap ‘24 legislation

Friday, May 17, 2024, Lauren Bunting

In 2024, the Maryland General Assembly convened on Jan. 10 and adjourned on April 8. Maryland Realtors issued a recap of all of the pertinent legislation affecting the real estate industry. This week’s summary covers the “Housing” related legislation that passed.

HB 7/SB 203 Housing Innovation Pilot Program and Housing Innovation Fund (Effective July 1) — This new program provides funding for the public housing authorities and county governments to increase the volume of housing production and incentivize innovative solutions to the problem of housing scarcity.

HB 131 Housing Development Permit Applications - Local Reporting Requirement (Effective Oct. 1) —Each local jurisdiction with at least 150,000 residents must compile annual reports relating to housing permit applications received and considered in that locality.

HB 534/SB 90 Live Near Your School Program – Extension ( Effective July 1) — This program, which provides current students and recent graduates with financial assistance to buy homes near the school attended, is extended to Sept. 30, 2030.

HB 538 Zoning Density and Permitting - Housing Expansion and Affordability Act (Effective Jan. 1) — Local jurisdictions will grant bonus densities and uses in specified zoning areas, which include those within 0.75 miles of rail transit, former state and U.S. military owed campuses, and lands owned by non-profits, in exchange for a certain percentage of those units being dedicated as affordable housing. New manufactured homes and modular dwellings must be allowed in all single-family residential zones. The bill also prohibits a local jurisdiction from imposing unreasonable limitations or requirements on qualified projects or requiring review at more than a specified number of public hearings.

HB 599 Housing and Community Development Financing Act (Effective July 1) — This bill establishes the Maryland Community Investment Corporation to apply for federal tax credits and make investments and financial assistance available to low-income communities.

HB 1203 Economic Development - Revolving Loan Program and Tax Increment Financing (Effective Oct. 1) — A Revolving Loan Program is established to make loans for real estate and infrastructure projects in sustainable communities, priority funding areas, and for transit-oriented development.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

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