Property that is used to operate a nonprofit residential apartment housing facility that is structured for persons with disabilities or persons who are sixty-two years of age or older is exempt from taxation if either of the following circumstances applies:

1. 1. The property is located adjacent to property that is exempt from taxation under section 42-11105, subsection B and is owned and operated by the same person or association that owns that adjacent property.

2. 2. The federal, state or local government or a nonprofit organization pays a subsidy and:

   1. (a) The payment or subsidy is a substantial amount in relation either to the amount given or to the total annual operating expenses to pay for principal, interest and operating expenses.
   2. (b) The nonprofit organization is not created or operated for the primary purpose of providing the subsidy or payment.