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; a nonprofit corporation that is exempt from income tax under § 10–104 of the Tax – General Article; a limited liability company that is wholly owned by a nonprofit corporation that is exempt from income tax under § 10–104(2) of the Tax – General Article; or a nonprofit housing corporation as defined in § 12–104(b) of the Housing and Community Development Article; and engaged solely in constructing, operating, or managing rental housing and other related essential service facilities that: are substantially completed or substantially rehabilitated on and after July 1, 1973, or, in Montgomery County, substantially completed or substantially rehabilitated on and after January 1, 1968; are partially or totally financed under a government program that provides housing for low income families; and are operated on a nonprofit basis with the revenues from the operation of the housing and facilities controlled under the government program in order not to produce any net income; or a limited partnership whose managing general partner is: a housing authority as defined in § 12–101 of the Housing and Community Development Article; a nonprofit corporation that is exempt from income tax under § 10–104(2) of the Tax – General Article; a limited liability company that is wholly owned by a nonprofit corporation that is exempt from income tax under § 10–104(2) of the Tax – General Article; or a for profit corporation in which 100% of the stock is owned by a nonprofit corporation that is exempt from income tax under § 10–104(2) of the Tax – General Article; and engaged in the operation, construction, or management of a qualified low income housing project as defined in the Internal Revenue Code. The real property described in subsection (a) of this section may be exempt from property tax only if: the governing body of the political subdivision where the real property is located approves an agreement between: the political subdivision and the owner for real property described in subsection (a)(2)(i)1A, B, and C and (a)(2)(ii)1B, C, and D of this section; or the county and, where applicable, municipal corporation and the owner for real property described in subsection (a)(2)(i)1D and (a)(2)(ii)1A of this section; and under the agreement the owner pays the political subdivision or the county and, where applicable, municipal corporation a negotiated amount in lieu of the property tax. Except as provided under paragraph (2) of this subsection, an agreement under subsection (b) of this section may provide for abating or reducing property tax previously imposed on the real property. For an agreement concerning real property described under subsection (a)(2)(i)1D of this section, the abatement or reduction of property tax previously imposed is from the date during the taxable year when the instrument transferring title to that real property was recorded. For property described in subsection (a)(2)(i)1 and 2 of this section, any amount negotiated under this section in lieu of the property tax shall be divided between the State and the political subdivision in the ratio that the tax rate of the State, and the political subdivision each bears to the total of the tax rates of the State and the political subdivision. For property described in subsection (a)(2)(i)1D of this section, any amount negotiated under this section in lieu of property tax shall be divided between the county and, where applicable, the municipal corporation in the ratio that the tax rate of the county and municipal corporation each bears to the total of the tax rates of the county and municipal corporation. The payment to the county and, where applicable, the municipal corporation may not exceed an amount equal to property tax imposed on similar property.