(a) There is established the Neighborhood Prosperity Initiative ("Initiative"), which shall be administered by the Mayor and under which the Mayor may provide, on a competitive basis, grants for commercial, non-residential components of a qualifying project to applicants that:
(1) Propose a qualifying project;
(2) Have a deficit in funding for a commercial, non-residential component of the qualifying project;
(3) Agree to commence construction on the qualifying project within 18 months of the award of an Initiative grant, or within such other time period as may be established by the Mayor;
(4) Agree to enter into a First Source agreement, if applicable, and a Certified Business Enterprise agreement; and
(5) Agree to use a grant provided under the Initiative only for the commercial, non-residential components of the project for which the grant is provided.
(b) For the purposes of this subtitle, the term:
(1) "Certified Business Enterprise agreement" means an agreement with the Department of Small and Local Business Development pursuant to subchapter IX-A of Chapter 2 of this title.
(2) "First Source agreement" means an agreement with the Department of Employment Services governing certain obligations of the developer pursuant to § 2-219.03 and Mayor's Order 83-265, dated November 9, 1983, regarding job creation and employment generated as a result of the construction on the property.
(3) "Qualifying project" means a mixed-use or retail real estate development project that is in a low-income community, as that term is defined in section 45D of the Internal Revenue Code of 1986, approved December 21, 2000 (114 Stat. 2763; 26 U.S.C. § 45D).