The Board of Public Works, upon the recommendation of the Secretary, may award a loan to an owner of an underground storage tank to cover the following costs:
(1) Tank upgrade or replacement costs necessary to meet the technical requirements of regulations adopted by the Environmental Protection Agency for underground storage tanks;
(2) Costs of site assessment after the upgrade or replacement is completed to determine eligibility for insurance, not to exceed $3,000; and
(3) Costs of any additional apparatus necessary to bring the underground storage tank system into compliance with other State and federal requirements.