HOA/Condominium Infrastructure Fund with State Contribution Supported by MACo

On March 1, 2022, Associate Policy Director Dominic Butchko submitted testimony to the House Environment and Transportation Committee in support of HB 1061 – Local Government – Condominium and Homeowners Associations – Repair and Rehabilitation Funds with amendments. This bill allows counties to establish a fund for the repair of infrastructure in condominiums or homeowners associations; as well as requires that certain property tax revenues be assigned to a fund created under the Act.

From the MACo testimony

HB 1061 would provide taxpayers with an insurance policy against irresponsible condominiums and homeowners’ associations. This bill would enable county governments to establish special trust funds for handling infrastructure maintenance concerns in affected areas. Counties would effectively be able to set aside property tax revenue from these communities in a “rainy day” fund that can be used if these organizations can no longer meet their obligations. Additionally, counties would also encourage the State to contribute to these “rainy day” funds; this effort would minimize any unanticipated strain on resources aimed at serving our mutual constituents. Amendments to HB 1061 could define a state component of these efforts, through the state share of property taxes or other relevant funding resources.

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