Prince George's County Council - Reference No. CB-004-2021

• Reference No.: CB-004-2021
• Draft No.: 2
• 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 -
• Contact: Monica Best-James, Esq, Legislative Officer

Date	Ver.	Action By	Action	Result
4/8/2021	2	County Executive	signed
3/30/2021	2	County Council	public hearing held
3/30/2021	2	County Council	enacted	Pass
3/9/2021	2	County Council	introduced
2/25/2021	1	Sitting as the Committee of the Whole	amended (1)	Pass
2/25/2021	1	Sitting as the Committee of the Whole	amended (2)	Pass
2/25/2021	1	Sitting as the Committee of the Whole	Favorably recommended with amendments	Pass
1/28/2021	1	County Council	presented and referred

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.