§ 5–6D-06
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 5-6D-06 (2026)
Title 5. Special Types of Corporations
Subtitle 6D. Cooperative Limited Equity Housing Corporations
§ 5–6D-06LinkCopy Citation
(a)
The appreciation and resale of a cooperative interest may not exceed the cost paid by the member for the initial cooperative interest, adjusted for inflation plus the cost of improvements to the cooperative interest made by the member that were approved in advance by the cooperative limited equity housing corporation.
(b)
A cooperative interest may be sold only to an individual or individuals who are in:
(1)
A low–income household;
(2)
A moderate–income household; or
(3)
An eligible household that receives and accepts an offer to acquire a cooperative interest in accordance with § 5–6D–05(a)(1)(ii) of this subtitle.
(c)
(1)
Subject to paragraph (2) of this subsection, a cooperative limited equity housing corporation shall have the following membership composition:
(i)
At least 75% of the members shall be in a low–income household; and
(ii)
All other members who are not in a low–income household shall be in a moderate–income household.
(2)
The membership composition required under paragraph (1) of this subsection does not include households that acquire a cooperative interest following an offer under § 5–6D–05(a)(1)(ii) of this subtitle.