(a) An ordinance or resolution enacted under § 1-1102 of this subtitle shall provide for:
(1) eligibility requirements for participation in the program, including eligibility requirements for:
(i) energy and water efficiency projects, renewable energy devices, environmental remediation projects, and resiliency projects; and
(ii) property and property owners; and
(2) loan terms and conditions, including a provision that requires that a loan be repaid over a term not to exceed the useful life of the project as determined by the program.
(b) Eligibility requirements under subsection (a) of this section shall include a requirement that the county or municipality give due regard to the property owner’s ability to repay a loan provided under the program, in a manner substantially similar to that required for a mortgage loan under §§ 12-127, 12-311, 12-409.1, 12- 925, and 12-1029 of the Commercial Law Article.