The Sustainable Growth Subcabinet, on the recommendation of the Secretary, may designate an area as a sustainable community if the sponsor demonstrates that past and current trends in homeownership, property values, commercial and residential vacancy, and business or housing investment show a need for reinvestment in the area and if: entities in the community, such as local governments, employers, educational institutions, civic organizations, community organizations, or cultural organizations, support the proposed sustainable community plan and have pledged resources to develop or implement it; the proposed sustainable community plan addresses the need for reinvestment in the area and will enhance the area, and give individuals of different incomes a range of housing options, employment opportunities, and other amenities; a community in the proposed area is culturally or historically significant; the proposed area is near a town center or a transportation center; the proposed sustainable community plan is consistent with and complements other existing or proposed projects for housing, commercial or community development, education, historic preservation, neighborhood revitalization, transportation, or other things significant to the comprehensive enhancement of the community; or there is a demonstrated need for financing assistance for small businesses, nonprofit organizations, or microenterprises. To maintain a sustainable community designation: every 5 years a sponsor shall file an updated plan and application with the Department; and the Secretary shall make designation recommendations for approval by the Sustainable Growth Subcabinet under § 6–204 of this subtitle. The Department shall convene an interagency review team from the agencies of the Sustainable Growth Subcabinet to: review applications and plans; provide assistance and guidance to applicants; and make recommendations to the Secretary. The Sustainable Growth Subcabinet may redesignate an area as a sustainable community taking into consideration the factors in subsection (a) of this section.