§ 14–501
Statutes in effect as of October 1, 2026.
Md. Code Ann., Real Prop. § 14-501 (2026)
Title 14. Miscellaneous Rules
Subtitle 5. Affordable Housing Land Trusts
§ 14–501LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(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.
(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.
(d)
“Family” means a household consisting of one or more individuals.
(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.
(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.
(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.