Subject to the limitations contained in section 37.2 of this Part, and the prior review by the Department, a bank or trust company may make real estate equity investments in community development projects provided that any such project primarily serves a public purpose. A project will be deemed to serve a public purpose if it promotes housing and economic revitalization or development in low and moderate income areas and directly benefits low and moderate income residents or small businesses. In determining whether the project primarily serves a public purpose, consideration shall also be given as to whether the project primarily benefits the particular bank's local service area, and whether there is significant community involvement, including the extent to which community groups are involved in project implementation, and the extent of community and public support for the project.