Three hundred million dollars ($300,000,000) shall be available, upon appropriation to the department, for grants for stormwater flood management projects that meet all of the following requirements:

1. (a) Have a nonstate cost share of not less than 50 percent.
2. (b) Are not part of the State Plan of Flood Control.
3. (c) Are designed to manage stormwater runoff to reduce flood damage and where feasible, provide other benefits, including groundwater recharge, water quality improvement, and ecosystem restoration.
4. (d) Comply with applicable regional water quality control plans.
5. (e) Are consistent with any applicable integrated regional water management plan.