In this subsection, “essential service facilities” includes dining halls, community rooms, and infirmaries. Real property that meets the requirements of subsection (b) of this section is not subject to property tax if: the owner of the real property is: a person who meets the ownership requirements of § 7-202 of this title; or a nonprofit corporation that is exempt from income tax under § 10-104 of the Tax - General Article; and the owner of the real property is engaged solely in constructing, operating, or managing multifamily rental housing and other related essential service facilities that: are newly constructed on and after September 24, 1959; are financed for at least 95% of the cost from loan funds provided under the National Housing Act of 1959 for senior citizen housing programs; and are operated on a nonprofit basis with the revenues from the operation of the housing and facilities controlled by the loan program in order not to produce any net income. The real property described in subsection (a) of this section may be exempt from property tax only if: the governing body of the subdivision where the real property is located approves an agreement between the subdivision and the owner; and under the agreement the owner pays the subdivision a negotiated amount in lieu of property tax. An agreement under subsection (b) of this section may provide for abating or reducing property tax previously imposed on the real property. Any payment negotiated under this section in lieu of the property tax shall be divided between the State and the subdivision, in the ratio that the tax rate of the State and the subdivision each bears to the total of the tax rates of the State and the subdivision.