Section 7-506 - Governmentally subsidized housing in Baltimore City(a)(1) In this subsection, "service facilities" includes nondwelling commercial and community facilities, community rooms, dining halls, and infirmaries.(2) In this subsection, "urban renewal area": (i) means an urban renewal project that is acquired and disposed of by the Mayor and City Council of Baltimore City under the Baltimore City Charter, Article II(15); and(ii) does not include the Madison Park North, the Madison Park South, and the Mount Vernon projects.(3) Real property is exempt from Baltimore City property tax if:(i) the real property is located in an urban renewal area;(ii) the real property is owned by a person engaged in constructing and operating housing structures or projects; and(iii) the real property is used for a housing structure or project that:1. is substantially constructed or rehabilitated on and after July 1, 1973; and2. is governmentally controlled as to rents, charges, rates of return, and methods of operation so that the real property operates on a nonprofit or limited distribution basis; and(iv) the owner of the real property and the Baltimore City Board of Estimates agree on the payment that the owner shall make to Baltimore City in lieu of Baltimore City property taxes.(4) If the structure and facilities of the property are used predominantly for residential purposes, the real property may contain service facilities to serve its occupants and the surrounding neighborhood.(b) Real property described in subsection (a) of this section is exempt from Baltimore City property tax as the parties agree under subsection (a) of this section.(c) Subject to § 2-1257 of the State Government Article, annually on or before February 1, Baltimore City shall report to the General Assembly on the effect and operation of all agreements adopted during the previous year under this section.