{"data":{"id":"us-md/md.-code-real-property-14-501","jurisdiction":"us-md","citation":"Md. Code, Real Property § 14–501","heading":"","body":"(a) In this subtitle the following words have the meanings indicated.\n(b) “Affordable housing land trust” means an entity that:\n(1) Provides affordable housing to low–income families and moderate–income families through an affordable housing land trust agreement; and\n(2) Is organized or managed by:\n(i) A nonprofit organization exempt from taxation under § 501(c)(2), (3), or (4) of the United States Internal Revenue Code; or\n(ii) A unit or instrumentality of the State or a political subdivision of the State.\n(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:\n(1) Grants the affordable housing land trust a preemptive right to purchase or repurchase the property, including any improvements on the property;\n(2) Contains language restricting the transfer, lease, sublease, assignment, or occupancy of the property with regard to:\n(i) Potential transferees, sublessees, assignees, or occupants; and\n(ii) The price at which the property may be transferred; or\n(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.\n(d) “Family” means a household consisting of one or more individuals.\n(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.\n(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.\n(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.","path":["Article - Real Property"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=grp\u0026section=14-501","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T20:00:38Z","sha256":"9e6bd80157cbecd8ff4f52734a6a7296ff9e17800a83817e6f4f40040a88cd25","source_id":"us-md","stale":false,"prev":"us-md/md.-code-real-property-14-407","next":"us-md/md.-code-real-property-14-502"},"notice":"GroundRules: Original legal text. Not legal advice."}