The Administration shall administer a home buyer assistance program that: assists home buyers to receive low–interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes near their place of employment; and coordinates with, and matches where appropriate, similar programs offered by private employers and county and municipal governments so as to maximize the total amount that home buyers can receive under the program. With reference to loans under this program, the Administration shall: allow home buyers to utilize the loans for the purchase of newly constructed or existing homes; and require a home purchased under this program to be occupied by the home buyer as a principal residence. The Administration shall facilitate the marketing of the program with private employers and county and municipal governments, and, where appropriate, other units of State government and nonprofit organizations. The Administration shall adopt regulations to implement the program established under this section. The Department shall report to the General Assembly on or before December 31 each year, in accordance with § 2–1257 of the State Government Article, on the program established under this section.