(a) The Office of Planning and Budget, in addition to its other functions, shall perform the function of promoting planned and orderly community development and growth throughout the state.

(b) The Office of Planning and Budget shall have the following powers and duties in performing the function prescribed in subsection (a) of this Code section:

(1) Receive and process applications for certification of planned communities as eligible for state development assistance;

(2) Make recommendations to the appropriate state officials charged with approving or certifying planned communities as eligible for state development assistance;

(3) Coordinate state development assistance to planned communities, which have been certified as eligible for such assistance, from the Department of Transportation, the State Board of Education, the Department of Natural Resources, and any other state department, agency, or instrumentality;

(4) Administer and monitor a state program for planned growth and development;

(5) Provide technical assistance to public and private developers in the area of planned growth and development;

(6) Periodically review and monitor planned communities which receive state development assistance; and

(7) Adopt and promulgate rules necessary to carry out its responsibilities under this Code section.

(c) The Office of Planning and Budget shall recommend to the appropriate state officials for approval or certification as eligible for state development assistance only those planned communities which submit a plan which meets the following criteria in addition to any other requirements prescribed by rules of the Office of Planning and Budget:

(1) Provides for the development of a new or revitalized area, including housing, jobs, and associated community facilities, occupying at least 1,000 contiguous acres or providing for the residential needs of at least 500 households, to be completed in not more than 20 years;

(2) Includes at least 15 percent of the planned area as permanent open space, exclusive of roads and streets;

(3) Provides a broad range of housing choices;

(4) Demonstrates the financial resources, organization, and ability to carry out the plan; and

(5) Has been approved by the local government or governments within which the development will be located.

(d) The Office of Planning and Budget shall recommend for certification for state development assistance all planned communities which meet the requirements of subsection (c) of this Code section. Such recommendations shall be made to the chairmen of the State Transportation Board, the State Board of Education, the Board of Natural Resources, and the Board of Community Affairs. If a majority of said chairmen approve any recommendation, the Governor shall be authorized to certify such planned community as eligible for state development assistance.