In this subtitle, “catalytic revitalization project” means the substantial rehabilitation of a property in the State:
(1) that was formerly owned by the State or the federal government;
(2) the rehabilitation of which will foster economic, housing, and community development within the community in which the property is located; and
(3) that is out of service and was formerly used as a college or university, K-12 school, hospital, mental health facility, or military facility or installation.