§ 5–6D-01
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 5-6D-01 (2026)
Title 5. Special Types of Corporations
Subtitle 6D. Cooperative Limited Equity Housing Corporations
§ 5–6D-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Articles of incorporation” means the charter by which a cooperative limited equity housing corporation becomes incorporated under this article.
(c)
“Bylaws” means the document that details and governs the internal organization and operation of the cooperative limited equity housing corporation.
(d)
“Conversion” means the transition of a property from a residential rental facility to a property owned by a cooperative limited equity housing corporation for use by the cooperative limited equity housing corporation, the members, and the households of the members.
(e)
“Cooperative interest” means the ownership interest in a cooperative limited equity housing corporation that is coupled with a possessory interest in real or personal property owned by the cooperative limited equity housing corporation and evidenced by a membership certificate.
(f)
“Cooperative limited equity housing corporation” means a Maryland nonstock corporation qualified in the State, having only one class of membership, in which each member, by virtue of the member’s membership, has a cooperative interest in the corporation.
(g)
“Cooperative project” means all the real and personal property in the State that is owned or leased by a cooperative limited equity housing corporation for the primary purpose of residential use.
(h)
“Disabled person” means a person with a measurable limitation of mobility due to congenital defect, disease, or trauma.
(i)
“Low–income household” means a household with an income that does not exceed 80% of the area median income for a household of the same size.
(j)
“Member” means an individual or a household that owns a cooperative interest on behalf of a household.
(k)
“Membership certificate” means:
(1)
A document issued by a cooperative limited equity housing corporation evidencing ownership of a cooperative interest; or
(2)
If there is no document that satisfies item (1) of this subsection, an occupancy agreement.
(l)
“Moderate–income household” means a household with an income greater than 80% of the area median income for a household of the same size but that does not exceed 120% of the area median income for a household of the same size.
(m)
“Moving expenses” means costs incurred to:
(1)
Hire contractors, labor, trucks, or equipment for the transportation of personal property;
(2)
Pack and unpack personal property;
(3)
Disconnect and install personal property;
(4)
Insure personal property to be moved; and
(5)
Disconnect and reconnect utilities such as telephone service, gas, water, and electricity.
(n)
(1)
“Occupancy agreement” means an agreement with the cooperative limited equity housing corporation under which a member and the household of a member has an exclusive possessory interest in a unit and a possessory interest in common with other members in that portion of a cooperative project not constituting units and that creates restrictions and obligations similar to a legal relationship of landlord and tenant between the corporation and the member, respectively.
(2)
“Occupancy agreement” includes, if there is no other document that satisfies paragraph (1) of this subsection, a membership certificate.
(o)
“Residential rental facility” means property containing at least five dwelling units leased for residential purposes.
(p)
“Senior citizen” means a person who is at least 62 years old.
(q)
“Subscription agreement” means a written agreement in which a prospective member subscribes to acquire a cooperative interest.
(r)
“Unit” means a portion of the cooperative project available for exclusive occupancy by a member and the household of a member under an occupancy agreement or to any person the member rents the portion to.