§ 4-11-124. Housing Trust Special Revenue Fund.

   (a)   Fund established. There is a Housing Trust Special Revenue Fund into which shall be paid the revenue attributable to:

      (1)   any real property transfer tax rate levied under § 4-3A-101(c)(2) in excess of the revenue that would be derived from the real property transfer tax rate under § 4-3A-101(c)(1); and

      (2)   any special recordation tax rate in excess of the generally applicable rate that is levied on an instrument of writing for which the consideration payable or the principal amount of debt secured is $1,000,000 or more.

   (b)   Special fund. The Housing Trust Special Revenue Fund is a special, nonlapsing fund.

   (c)   Purposes. The revenue paid into the Housing Trust Special Revenue Fund shall be dedicated and appropriated to provide affordable housing for moderate- and low-income individuals in the County including the City of Annapolis.

(Bill No. 40-23)

Editor’s note – This section was added by 2021 Md. Laws, Ch. 10, § 1. The 2021 Md. Laws, Ch. 10, § 1 added § 4-11-122, but because of the addition of § 4-11-122 and § 4-11-123 by Bill No. 42- 21, § 4-11-122 was renumbered as § 4-11-124.