(a) Real property may be exempt from municipal corporation property tax if: (1) the real property is owned by: (i) a former tenant of the real property; (ii) an association of tenants or former tenants of the real property; (iii) an entity in which former tenants or an association of tenants or former tenants holds a majority interest; or (iv) a cooperative housing corporation that: 1. operates on a nonprofit basis; 2. operates on a limited equity basis; or 3. is subject to controls on the corporation's rates of return; (2) the owner and the governing body of the municipal corporation where the real property is located agree that the owner shall pay a negotiated amount in lieu of the applicable municipal corporation property tax; and (3) the owner of the real property agrees to maintain at least 10% of the total number of residential units as housing for low to moderate income households, as set forth in an agreement between the owner and the governing body of the municipal corporation where the real property is located. (b) Real property described in subsection (a) of this section is exempt when the requirements of subsection (a) of this section are met.
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