The purposes of a neighborhood intervention project are to provide financial assistance for: buying properties that need rehabilitation and redeveloping the properties through rehabilitation, demolition, reconstruction, or re–use; or demolishing property improvements and preparing property for revitalization, redevelopment, or re–use. To be eligible for financial assistance for a neighborhood intervention project, an applicant shall be: a political subdivision; or a community development finance institution. To be eligible for financial assistance, the applicant must provide evidence at the time of application that: the applicant has a legal interest in the property through: ownership of the property; a contract, option, or other legal right to acquire the property; or the right to demolish the improvements on the property; the applicant intends to revitalize, redevelop, sell, or re–use the property as part of a redevelopment strategy for the property or a redevelopment plan; the applicant has complied with the requirements of §§ 5A–325 and 5A–326 of the State Finance and Procurement Article and § 13–1112(b) of the Financial Institutions Article; the financial assistance from the Program is the least amount necessary to complete the project; and the project meets any other condition that the Department may require under this subtitle. Unless waived by the Secretary, a neighborhood intervention project shall meet the additional following requirements: the project shall be located in a sustainable community and be a part of a sustainable community plan in accordance with §§ 6–204(b)(1) and 6–205 of this subtitle; and for a project under subsection (a)(2) of this section, the applicant shall agree to repay the financial assistance to the Community Legacy Financial Assistance Fund, up to the amount the applicant receives from: the net proceeds of the sale of the property on which the demolition took place; or any payment to the applicant relating to the property, including any payment for the costs of demolishing the improvements on the property. The Secretary may not allocate annually more than 15% of the Community Legacy Financial Assistance Fund to neighborhood intervention projects. The Secretary may not award more than $500,000 for any neighborhood intervention project. The restrictions in paragraphs (1) and (2) of this subsection do not apply to projects approved by the Secretary in the case of an emergency or when the project requires urgent approval if the project is funded from the reserve established under § 6–211(h) of this subtitle.