Section 29. As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise:
''Community development block grant'', funds designated to promote the development of viable urban communities within the commonwealth and which are distributed by the federal government to the commonwealth pursuant to sections 300, et seq., of the Omnibus Budget Reconciliation Act of 1981, or its successor.
''Program'', a program administered by the department pursuant to section 105(a) (17) of the Housing and Community Development Act of 1974, 42 USC 5305(a) (17), as amended, in which loans are made to private, for-profit entities through local communities with community development block grant funds.
Any documentary materials or data made or received by an employee of the department, an employee or official of a city or town or a member of an advisory committee created by the director to make recommendations concerning the use of program funds, to the extent that such materials or data consist of trade secrets or commercial or financial information regarding the operation of a business conducted by an applicant for, or a recipient of, assistance which the program is empowered to render or regarding the competitive position of such applicant or recipient in a particular field of endeavor, shall not be deemed to be public records and shall not be subject to the provisions of section ten of chapter sixty-six. Any discussion or consideration of such trade secrets or commercial or financial information may be held by an advisory committee created by the director to make recommendations concerning the use of program funds, in executive session closed to the public, notwithstanding the provisions of section eleven A1/2 of chapter thirty A.