----I wanted to issue an update to this as it pertains to Montgomery County's Rent Stabilization Bill 15-23. There is still some confusion as it relates to the effective date of the bill and the enforcement. I will do my best to relay what I know. The Bill 15-23 was passed by the County Council on July 18, 2023, and signed by the County Executive on July 24, 2023. The effective date of this law was October 23, 2023 (i.e., 91 days after County Executive approval). However, Bill 15-23 states that new rent control requirements “must not apply, and must not be enforced,” until enabling regulations are adopted and these proposed regulations are to be submitted within 3 months after the effective date. Once they are submitted, the County Council must approve the regulations before they become effective. I am assuming that process is happening right now up until January 23, 2024.

---The main point is, without having seen the final clean bill that covers any and all exemptions (one of which came in the form of an amendment that was proposed that would exempt - for a period of 20 years - a development where at least 25% of the units are low to moderate income tenants) it is too early to see what the impact of Bill 15-23 will be to Affordable Housing. We will continue to monitor this law and pass along any updates and if you would like more guidance regarding its impact I would encourage you to reach out to Katie Noonan at Ballard Spahr, who I consider a trusted source when it comes to regional rent control matters.

Disclaimer: All information provided is deemed reliable, but is not guaranteed and should be independently verified.