§9–234.

    (a)    The governing body of a county or municipal corporation may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property containing a vacant or underutilized commercial building that:

        (1)    was built primarily for office, industrial, or other commercial purposes;

        (2)    was last used for office, industrial, or other commercial purposes; and

        (3)    is renovated for use primarily as housing.

    (b)    The governing body of a county or municipal corporation may establish conditions for the granting of a property tax credit under paragraph (1) of this subsection, including:

        (1)    eligibility criteria;

        (2)    application procedures; and

        (3)    provisions for a payment in lieu of taxes to the county or municipal corporation by the recipient of the tax credit.