In this section, “dwelling” has the meaning stated in § 9–105 of this title. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a tax credit against the county or municipal corporation property tax imposed on a dwelling if the dwelling is subject to: a mortgage or deed of trust provided by a nonprofit entity; and a covenant or legally binding agreement with a duration of at least 20 years that enforces income and equity or appreciation restrictions and ensures affordable pricing of the dwelling, including on resale. The tax credit under this section shall be in an amount up to the difference between the tax imposed on: the full assessed value of the dwelling; and the portion of the value of the dwelling that the homeowner is responsible for paying on the homeowner’s first mortgage or deed of trust. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may provide, by law, for: the duration of the tax credit under this section; additional eligibility criteria for the tax credit under this section; regulations and procedures for the application and uniform processing of requests for the tax credit; and any other provision necessary to carry out the tax credit under this section.