(a) In this section, "affordable dwelling unit" has the meaning stated in § 7-501 of the Land Use Article. (b) Real property that is used for rental housing may be exempt from county property tax if: (1) the owner of the real property and the governing body of the county agree that the owner shall pay a negotiated amount in lieu of the county property tax; and (2) the owner of the real property enters into an agreement with the governing body of the county to maintain at least 25% of the rental housing units located at the real property as affordable dwelling units for a period of at least 15 years. (c) In an agreement under this section, the governing body of the county may require the owner of real property to maintain a higher percentage of rental housing units as affordable dwelling units than the minimum percentage specified in subsection (b)(2) of this section. (d) Real property described in subsection (b) of this section is exempt when the requirements of subsection (b) of this section are met.
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