(1) A neighborhood organization requesting project approval shall submit a project application to the director. The application shall include the following:

    (a) Proof and certification that:

    (i) The neighborhood meets the criteria established in section 7.

    (ii) The organization meets the definition of neighborhood organization as provided in section 5.

    (b) A detailed project work plan including:

    (i) An assessment of the needs and objectives being addressed by the project.

    (ii) A description of how the project will meet the stated objectives.

    (iii) Letters of commitment from participating business firms, if any.

    (iv) Other project details as required by the director.

    (c) A detailed project budget including:

    (i) Total project cost.

    (ii) Project expenses by category of expense item.

    (iii) Business contributions to the project cost.

    (iv) Justification of administrative costs.

    (v) Other budget details as required by the director.

    (2) A project application may be for a project life of more than 1 year.