In this section, “electric vehicle recharging equipment” has the meaning stated in § 11–111.4 of this article. A recorded covenant or restriction, a provision in a declaration, or a provision in the bylaws or rules of a homeowners association may not prohibit or unreasonably restrict the governing body from installing or authorizing the installation of electric vehicle recharging equipment in common use or limited common use parking spaces. The installation or authorization of installation of electric vehicle recharging equipment by a governing body shall be subject to the budget process of the homeowners association for a common area renovation or alteration similar in cost or magnitude. A governing body shall consider the availability of sufficient parking to meet the needs of the community before installing or authorizing the installation of electric vehicle recharging equipment in common use or limited common use parking spaces. The governing body may grant a license for up to 3 years, renewable at the discretion of the governing body, on any common element necessary for the installation of equipment or for the supply of electricity to any electric vehicle recharging equipment.