The powers of the program are exercised by the Planning Board. The Planning Board shall adopt regulations to carry out the provisions of this program. The Planning Board shall expend the amounts in the fund in accordance with Sections 26-102 and 26-105 of the Land Use Article of the Maryland Annotated Code to provide grants to nonprofit organizations or foundations, political subdivisions, or individuals for the purpose of acquiring, preserving, restoring, or rehabilitating historic properties. The Historic Preservation Commission, upon the advice of its Grants Committee, will review all applications and make its recommendations to the Planning Board.