(a) This section does not apply to property that is subject to an affordable housing land trust agreement executed under Title 14, Subtitle 5 of this article.
(b) On or after January 22, 2007, the owner of a fee simple or leasehold estate in residential property that is or was used, intended to be used, or authorized to be used for four or fewer dwelling units may not create a reversionary interest in the property under a ground lease or a ground sublease for a term of years renewable forever subject to the payment of a periodic ground rent.