(a) (1) There is hereby created in the account the Local Projects Subaccount.
(2) For the purposes of this article “subaccount” means the Local Projects Subaccount created by paragraph (1).
(3) The sum of twenty-five million dollars ($25,000,000) is hereby transferred from the account to the subaccount for the purposes of implementing this article.
(b) Notwithstanding Section 13340 of the Government Code, the money in the subaccount is hereby continuously appropriated, without regard to fiscal years, to the department, for grants and loans in accordance with this article, and for the administration of this article.