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REALTORS® Offer Support for Administration Housing Plan

During the first hearings on three bills that comprise the Moore-Miller Housing Plan, Maryland REALTORS® testified in favor of what is the most substantial housing package introduced in the General Assembly in many years. 

The House Environment and Transportation Committee took comments for nearly 5 hours on Tuesday, February 20 on the three proposals. They are: 

Housing Expansion and Affordability Act of 2024 (HB 538 /SB 484) 

These bills begin the work of closing our housing shortage by granting density bonuses and easing zoning restrictions on qualified projects in areas adjacent to transit, owned by non-profits, and lands formerly controlled by the state. It removes restrictions on the construction of modular housing and streamlines the development process that is currently subject to excessive delays created by the public hearing process. While not perfect, or as far-ranging as some may hope, these are a necessary first step to reversing our housing crisis instead of letting it grow year after year. 

Housing and Community Development Financing Act of 2024 (HB 599/SB 483) 

This bill establishes the Maryland Community Investment Corporation and expands the Strategic Demolition Fund to fund economic development and new affordable housing options for state residents. If adopted, this bill would efficiently direct federal tax dollars into areas of Maryland most in need of revitalization. 

Renters’ Rights and Stabilization Act of 2024 (HB 693/SB 481) 

The bill as introduced includes a right of first refusal for tenants to match offers to purchase their rental property when it offered for sale. Maryland REALTORS® has been discussing this issue with the Administration since the summer of 2023. We have drafted and submitted amendments to change the right of first refusal into an advance notification and exclusive negotiation period prior to listing a rental property for sale. This simplifies this task for tenants and owners while protecting the standard real estate contract process. 

The Senate will consider the Financing Act on February 22; the Rental Act on February 29 and the Housing Expansion Act on March 1. 

In addition, Maryland REALTORS® was joined by DHCD Secretary Jake Day on February 14 during our State of Maryland Housing Press Conference, which outlined the need for housing solutions like those contained in the Administration’s Plan.  

Stay tuned for more information on these bills and REALTORS® involvement as the session progresses. 

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