The Fund may be used by the Mayor and City Council of Baltimore City or awarded to a qualified recipient by the Mayor and City Council only for:

(1) operating support for or building the capacity of qualified recipients;

(2) economic and physical improvements to the community through projects that reinvest in and revitalize the community;

(3) the development of women-owned, minority-owned, and small businesses;

(4) the development of recreational facilities, parks, or improvements to the natural environment;

(5) the development and preservation of affordable and workplace housing;

(6) expansion of school programs and capital improvements to school facilities that serve the area;

(7) job training and workforce development; or

(8) counseling for housing and small business development.