(a) A project qualifies as a community reinvestment project if the Secretary determines in writing that the community reinvestment project meets:
(1) affordable housing needs of limited income households in the State;
(2) capital, operating, and other credit needs of small businesses in the State, including farm businesses, if the assets, income, and number of employees of the business do not exceed limits that the Secretary of Commerce establishes; or
(3) capital, operating, and other credit needs of individuals, community organizations, and businesses located in or serving communities or neighborhoods in the State that have urgent needs for reinvestment due to deteriorating social or economic conditions.
(b) A community reinvestment project shall:
(1) conform to eligibility guidelines and financing policies consistent with this subtitle that the Board develops and the Secretary approves; and
(2) be submitted to and approved by the loan committee appointed by the Board under § 9–204(d) of this title.