In the fiscal year in which a qualified project is proposed, an individual or business entity may apply to the Department for financial assistance to cover the appraisal gap for the project in accordance with this section. The Department shall develop by regulation an application form and a process for the distribution of financial assistance under this section. Financial assistance provided under this section may be allocated among the partners, members, or shareholders of a business entity in any manner agreed to by those persons in writing. Financial assistance provided under this section may be used in conjunction with other State, federal, or local funding sources. A qualified project receiving financial assistance under this section shall be in compliance with local development and land use plans.