Section 53. Any city or town, acting by and through its urban renewal agency, may apply to the department for an urban renewal assistance grant to meet in part the cost of an approved urban renewal project. Any city or town, acting by and through its urban renewal agency, may apply to the department for an urban revitalization and development grant to meet in part the cost of an approved urban revitalization and development project. Such application shall be in the form prescribed by the department, and shall be accompanied by such additional information, drawings, plans, reports, estimates and exhibits as the department may require. The department may make such rules and regulations as are necessary to effectuate the purposes of this section and sections fifty-four to fifty-seven, inclusive.