The Department shall: administer the Program; attach to a Program loan the terms needed to carry out the Program; establish eligibility standards for Program loans; establish interest rates that may be as low as 0% or as high as is reasonable to make the project viable; and adopt regulations to carry out the Program, including regulations designed to increase participation of minority business enterprises in the Program. In setting the terms and interest rates for Program loans, the Department may: offer preferred interest rates and terms for loans used to finance net–zero homes; and establish different interest rates based on the projected energy efficiency of the home to be constructed. The Department may: contract for services related to the Program; contract with private mortgage servicers to perform on behalf of the Department functions the servicers ordinarily perform, including foreclosure and employment of counsel; charge a nonrefundable application fee and other customary loan fees; enter into agreements with lenders or other entities to provide credit enhancement or collectively lend money for the construction of net–zero and low–energy homes; purchase or commit to purchase from mortgage lenders notes or mortgages that meet the requirements of this subtitle, any regulations adopted under this subtitle, and appropriate Program directives; modify the interest rate, the time or amount of payment, or any other term of a Program loan to facilitate repayment of the Program loan and to achieve the purpose of the Program; and without approval or execution by the Board of Public Works: assign a mortgage for value; release a mortgage; foreclose a mortgage; acquire property that secures a loan in default; and encumber, sell, or otherwise dispose of property acquired in connection with a loan in default. On or before January 1 each year, the Department shall submit a report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on regulations adopted under subsection (a)(5) of this section to increase participation of minority businesses in the Program and the outcome of that effort.