Every two years, our MD Agents are required to take 15 hours continuing education. Below are some of the bullet points from that education that affect Affordable Housing and Property Tax Credits:
For nonmaterial changes to a common interest community’s governing documents, if the lender does not object within 60 days, it may be assumed that the lender granted consent.
Governing document changes impacting the value of the underlying collateral, lien priority, and holder’s rights require express lender consent.
Landlords are prohibited from denying a rental application solely based on the applicant’s use of federal housing vouchers (e.g. Section 8 vouchers). Landlords may still deny applications based on an applicant’s income, creditworthiness, and other nondiscriminatory qualifications.
In Maryland, source of income is a protected class.
Maryland defines source of income as “any lawful source of money paid directly or indirectly to or on behalf of a renter or buyer of housing.”
Local jurisdictions must recognize all the federal protected classes (i.e., color, disability, familial status, national origin, race, religion, sex) and state protected classes (marital status, sexual orientation, gender identity/expression, and source of income). Locations may add additional protected classes.
Individuals may record property easements and covenants, conditions, and restrictions (CC&Rs) in land records. While not required, this is an important consideration. Title searches often don’t examine the entire title of a property, and often easements and other property restrictions are missed.
Failure to record an easement or other property restriction notice doesn’t impair the rights of the holder of the easement or restriction.
Source: The CE Shop