A project, undertaking, or a part of a project or undertaking, including the real, personal, and mixed property involved, qualifies as a community development project if it is planned, acquired, owned, developed, constructed, reconstructed, rehabilitated, repaired, renovated, or improved to promote sound community development. A community development project shall provide for: new or existing housing: that is or will be occupied in substantial part by families of limited income; or at least 20% of which is or will be occupied by families of limited income, if the project is financed with bonds, notes, or other evidences of indebtedness issued by the Administration, the income from which being includable in the holder’s gross income under the Internal Revenue Code as determined by the Administration at the time of issue; any improvements, such as streets, roads, sewer lines, and water lines that are needed to support the housing; and the public or private commercial, educational, cultural, recreational, community, or civic facilities that are needed to support the housing. A community development project may include public or private commercial, educational, cultural, recreational, community, or civic facilities that are not needed to support the housing, if: they are less than a substantial part of the project; or the Secretary finds that they will promote sound community development. The Administration shall administer community development projects that: are in sustainable communities approved under § 6–305 of this article; and provide employees with financial assistance in the form of grants to buy homes near their workplaces. A community development project administered under this subsection is not subject to the provisions of subsection (b)(1) of this section that require part of the housing to be occupied by families of limited income. The community development projects administered under this subsection shall be known as the “Live Near Your Work” program. The Secretary shall adopt regulations to implement the “Live Near Your Work” program established under this subsection. In fiscal year 2007 and fiscal year 2008, the Governor may include in the State budget $250,000 for the “Live Near Your Work” program established under this subsection. In fiscal year 2009 and every fiscal year thereafter, the Governor may include in the State budget no less than $250,000 and no more than $500,000 for the “Live Near Your Work” program established under this subsection. In this subsection 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 community development projects that: are in sustainable communities approved under § 6–305 of this article; and provide current students and recent graduates with financial assistance in the form of grants to buy homes near the school of the student or graduate. A community development project administered under this subsection is not subject to the provisions of subsection (b)(1) of this section that require part of the housing to be occupied by families of limited income. The community development projects administered under this subsection shall be known as the Live Near Your School program. The Administration shall adopt regulations to implement the Live Near Your School program established under this subsection.