7. a. The agency may make grants to eligible applicants, including, but not limited to, non-profit housing sponsors, municipalities or other governmental entities utilizing funds provided by P.L.2021, c.34 (C.55:14K-94 et al.) or otherwise made available to the agency. Grants issued pursuant to this section shall be used to advance the goals of the program, as established pursuant to section 4 of P.L.2021, c.34 (C.55:14K-97).
b. The agency shall establish regulations, procedures or guidelines governing the qualifications of applicants, the application procedures and the criteria for awarding grants to such eligible applicants and the standards for establishing the amount, terms and conditions of each grant.