§9–268.

    (a)    The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on real property that is used for a hotel or residential development project that is newly constructed or involves substantial rehabilitation or revitalization of existing structures.

    (b)    To qualify for the credit under this section, a hotel shall substantially increase the assessed value of the property.

    (c)    To qualify for the credit under this section, a residential development project shall:

        (1)    include at least 20 residential units; and

        (2)    have at least 15% of all residential units within the development that are affordable to households earning less than 80% of the area median income.

    (d)    The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may provide, by law, for:

        (1)    the amount and duration of the tax credit under this section;

        (2)    eligibility requirements for the tax credit;

        (3)    application procedures for the tax credit; and

        (4)    any other provision necessary to carry out this section.