With the approval of the Board of Public Works, the Secretary shall adopt regulations that establish application procedures and criteria for the award of financial assistance under § 9–275(b)(3) of this subtitle. The criteria shall provide the basis for project priority rankings and shall include, as appropriate: The environmental or public health impacts caused by existing circumstances; Previous efforts expended to correct any existing problem; Financial capacity of the applicant; The problem prevention aspects of a proposed project; Cost effectiveness of a proposed project; Provisions for monitoring and review; The contribution of the proposed project toward meeting State and local solid waste plans and goals; and Measures to assure accountability for all funds awarded under § 9–275(b)(3) of this subtitle.