The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on real property that is used for a hotel or residential development project that is newly constructed or involves substantial rehabilitation or revitalization of existing structures. To qualify for the credit under this section, a hotel shall substantially increase the assessed value of the property. To qualify for the credit under this section, a residential development project shall: include at least 20 residential units; and have at least 15% of all residential units within the development that are affordable to households earning less than 80% of the area median income. The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may provide, by law, for: the amount and duration of the tax credit under this section; eligibility requirements for the tax credit; application procedures for the tax credit; and any other provision necessary to carry out this section.