Section 11 1/2. The secretary of environmental affairs shall establish a grant program to assist nonprofit corporations, formed for 1 of the purposes described in section 4 of chapter 180, and provided that the corporations are exempt organizations within the meaning of 18 U.S.C. section 501(c)(3), in acquiring interests in lands suitable for purposes of conservation or recreation. Said secretary may reimburse any such corporation for any money expended by it in establishing an approved project under the program in such amount as he shall determine to be equitable in consideration of anticipated benefits from the project. In no event shall the amount of such reimbursement exceed 50 per cent of the cost of the project. No reimbursement shall be made under this section to a corporation unless a project application is filed by the corporation with the secretary setting forth such plans and information as the secretary may require and the application is approved by him, nor until such corporation shall have certified, in a manner approved by the secretary, its ability to provide an amount equal to the total cost of the project nor until the project has been completed to the satisfaction of the secretary in accordance with the approved plans. All projects shall include the corporation granting an appropriate perpetual conservation restriction, within the meaning of sections 31 and 32 of chapter 184, to the city or town in which the project is located, to be managed by either its conservation or recreation commission, or a state agency, or both. All projects shall provide appropriate public access as determined by the secretary. The secretary may promulgate rules and regulations to carry out this section.