(a) The Board of Public Works, in conjunction with the Department, the Department of the Environment, and the Maryland Department of Emergency Management, shall establish criteria to evaluate whether State funds may be used to mitigate hazards associated with sea level rise inundation and coastal flooding.

(b) The criteria established under subsection (a) of this section shall incorporate tools to assess the vulnerability of an area or a structure to hazards associated with sea level rise inundation and coastal flooding, including tools to measure:

(1) The level of exposure of an area or a structure to hazards; and

(2) The degree to which an area or a structure is likely to be affected by the exposure to hazards.