Reference No. CB-004-2021    Draft No.
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 3/30/2021
Introduced Date 3/9/2021 Public Hearing Date 3/30/2021 @ 11:30 AM
Effective date: 6/1/2022    
Title: AN ACT CONCERNING HOUSING INVESTMENT TRUST FUND-SUSTAINABLE SOURCE OF FUNDING for the purpose of establishing a sustainable source of funding for the Housing Investment Trust Fund by reallocating a certain percentage of the County’s recordation taxes to provide support for the fund; requiring certain financing for the fund; permitting the County Council to reduce the percentage dedicated to the Housing Investment Trust Fund when there is a declared national recession; requiring an annual report; and generally relating to the Housing Investment Trust Fund.
Proposers/Sponsors: Dannielle M. Glaros, Derrick Leon Davis, Calvin S. Hawkins, Deni L. Taveras, Todd M. Turner, Thomas E. Dernoga, Mel Franklin, Jolene Ivey, Rodney C. Streeter, Monique Anderson-Walker
Code sections: 10-296 -
Attachments: 1. B2020004, 2. CB-004-2021 AIS, 3. CB-004-2021 Report, 4. CB-004-2021 DPIE Comment, 5. CB-004-2021 OOL Comments, 6. CB-004-2021 Fiscal and Policy Note
Contact: Monica Best-James, Esq, Legislative Officer

Title

AN ACT CONCERNING HOUSING INVESTMENT TRUST FUND-SUSTAINABLE SOURCE OF FUNDING for the purpose of establishing a sustainable source of funding for the Housing Investment Trust Fund by reallocating a certain percentage of the County’s recordation taxes to provide support for the fund; requiring certain financing for the fund; permitting the County Council to reduce the percentage dedicated to the Housing Investment Trust Fund when there is a declared national recession; requiring an annual report; and generally relating to the Housing Investment Trust Fund.

 

 

Background

The Housing Opportunities for All Annual Report indicates that Prince George's County's recordation tax generates $46 million to $53 million annually and that the tax supports the County's General Fund. Future revenue generated by the recordation taxes would be re-allocated to provide an immediate and a sustainable source of funding for the Housing Investment Trust Fund. This legislation provides for a percentage of the recordation tax to be used for such a purpose. It will also allow the County Council to decrease that allocation when there is a declared national recession and it requires an annual report to the County Council.



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