Sec. 1. 36 MRSA §681, sub-§2, as enacted by PL 1997, c. 643, Pt. HHH, §3 and affected by §10, is amended to read:

2. Homestead. "Homestead" means any residential property in this State assessed as real property owned by an applicant or held in a revocable living trust for the benefit of the applicant and occupied by the applicant as the applicant's permanent residence. "Homestead" includes a cooperative interest in a cooperative affordable housing corporation under Title 13, chapter 85, subchapter I-A or in any other corporation or unincorporated association that provides housing on a cooperative basis if that property is the applicant's permanent residence. A "homestead" does not include any real property used solely for commercial purposes.

SUMMARY

This bill allows persons whose permanent residence is cooperative housing property to qualify for the homestead exemption.