(a) The county executive must establish the Montgomery Housing Initiative to promote a broad range of housing opportunities in the county. (b) This initiative must be included in the county capital improvements program and may use appropriated funds and receipts from any source, including any balances transferred from the condominium transfer tax fund under Section 52-21(f). (c) Funds allocated to this initiative may be spent to: (1) Construct or acquire affordable housing units; (2) Buy and rehabilitate existing rental units that would otherwise be removed from the supply of affordable housing; and (3) Participate in housing or mixed-use developments that will include affordable housing. (d) The Director of Housing and Community Affairs administers the initiative under regulations adopted by the County Executive under method (2).