In this section the following words have the meanings indicated. “Current student” means an individual who: attends a public institution of higher education in the State; and is a degree–seeking, full–time equivalent student in an undergraduate level, graduate level, or professional degree program. “Public institution of higher education” has the meaning stated in § 10–101 of the Education Article. “Recent graduate” means an individual who, within 5 years before applying for assistance under this section, graduated from a public institution of higher education in the State with at least: 120 credits in an undergraduate level program; or 30 credits in a graduate level or professional degree program. The Administration may administer a home buyer assistance program that: assists current students and recent graduates to receive low–interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes near the school attended by the student or graduate; coordinates with, and matches where appropriate, similar programs offered by public institutions of higher education, private employers, and county and municipal governments to maximize the total amount that current students and recent graduates can receive under the program; authorizes a public institution of higher education to provide matching funds to a home buyer who receives assistance under this section; and utilizes available funding sources. With reference to loans under this program, the Administration may: allow home buyers to utilize the loans for the purchase of newly constructed or existing homes; require a home purchased under the program to be occupied by the home buyer as a principal residence; and utilize available funding sources. The Administration may facilitate the marketing of the program with public institutions of higher education, private employers, county and municipal governments, and, where appropriate, other units of State government and nonprofit organizations with existing funding for the marketing of current programs of the Department, if available. The Administration shall adopt regulations to carry out this section. On or before December 31 each year, the Department shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the program established under this section.