In this section, the following words have the meanings indicated. “Market-rate rental housing project” means a multifamily dwelling containing 5 or more units in which none of the units are subject to government restrictions on the amount of rent charged or the income level of the tenant. “Newly constructed” means:newly erected on a vacant lot; converted from non-residential use, provided the conversion/ construction costs exceed $60,000 per unit; or substantially rehabilitated, provided the structure was a dwelling identified by the Commissioner of Housing, through issuance of a “vacant house notice” or otherwise, as having been vacant and unfit for human habitation for a period of at least 1 year prior to issuance of a construction permit for the project, and provided the rehabilitation/construction costs exceed $60,000 per unit; for which, in each case, a first occupancy permit following construction is issued after January 1, 1996. In accordance with the provisions of <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article § 9-304(f), </cite>there is established a tax credit against the Baltimore City real property tax imposed on newly constructed market-rate rental housing projects. The amount of a property tax credit granted under this section shall be the amount of City real property tax imposed on a market-rate rental housing project, less the amount of any other credit applicable in that year, multiplied by:50% for the 1^st taxable year in which the property qualifies for the tax credit; 40% for the 2^nd taxable year in which the property qualifies for the tax credit; 30% for the 3^rd taxable year in which the property qualifies for the tax credit; 20% for the 4^th taxable year in which the property qualifies for the tax credit; 10% for the 5^th taxable year in which the property qualifies for the tax credit; and 0% for each taxable year thereafter. A newly constructed market-rate rental housing project qualifies for a tax credit under this section when an occupancy permit is first issued for the project following construction. A newly constructed market-rate rental housing project with an occupancy permit issued after June 30, 2001 shall not qualify for a tax credit under this section. The owner of a newly constructed market-rate rental housing project shall file an application for a tax credit under this section with the Director of Finance on or before September 1 of the 1^st taxable year in which the property qualifies and shall file an application annually thereafter for each year in which the credit is sought. The application shall contain all information that the Director of Finance considers necessary for determining the eligibility of the applicant. Subject to Title 4 {“Administrative Procedure Act – Regulations”} of the <cite data-path="|general">City General Provisions Article</cite>, the Director of Finance may adopt rules and regulations to implement the provisions of this section. The Director of Finance shall analyze the public costs and benefits of the credits granted under this section and shall report annually the findings of the analysis to the Board of Estimates. The method of analysis developed by the Director of Finance shall be approved by the Board of Estimates prior to its use. City Code, 1976/83, art. 28, §75H Ord. 95-680 Text Conformed 02/25/21 By authority of Ordinance 20-431, Section 5, the Director of Legislative Reference, in consultation with the Law Department, has conformed this section to refer expressly to and reflect the requirements of the recently-enacted Administrative Procedure Act that, effective January 15, 2021, governs the proposal, adoption, and publication of administrative rules and regulations.