The Secretary, in consultation with the Department of Commerce, shall adopt regulations to carry out the provisions of this subtitle, including regulations that:
(1) establish procedures and standards for certifying new construction costs and rehabilitation costs under this subtitle;
(2) establish an application process for the issuance of tax credit certificates under this subtitle, with an emphasis on applications that promote affordable housing; and
(3) establish procedures for the approval of project phases for tax credit certificates issued under this subtitle.