(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.