In consultation with the Board, the Department shall administer the Fund to provide financial assistance, including capital and operating grants, to community development projects and community development organizations to provide and support:

(1) affordable housing;

(2) neighborhood revitalization for residential and commercial areas;

(3) housing counseling, financial counseling, and foreclosure prevention;

(4) community organizing;

(5) small business development;

(6) community services; and

(7) any other community development purpose.