The governing body of a county or municipal corporation may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property containing a vacant or underutilized commercial building that: was built primarily for office, industrial, or other commercial purposes; was last used for office, industrial, or other commercial purposes; and is renovated for use primarily as housing. The governing body of a county or municipal corporation may establish conditions for the granting of a property tax credit under paragraph (1) of this subsection, including: eligibility criteria; application procedures; and provisions for a payment in lieu of taxes to the county or municipal corporation by the recipient of the tax credit.