To be eligible for a grant under this subtitle, a neighborhood corporation or umbrella corporation shall: submit a timely application in the form that the Secretary prescribes; create a board of directors composed of: a member of the General Assembly; neighborhood residents; representatives of local financial institutions; and representatives of local political subdivisions, if not inconsistent with local law; be authorized to establish and administer a revolving loan fund by lending money at flexible rates and terms to neighborhood homeowners who cannot obtain mortgage financing on reasonable terms through normal lending channels to preserve or revitalize neighborhoods and encourage homeownership; and be authorized to establish and administer, in cooperation with appropriate officials of the political subdivision, a housing program to bring neighborhood dwellings to acceptable levels of health and safety. The Secretary or the Secretary’s designee shall be a voting member of each neighborhood corporation receiving grants from the Department. An application for a grant under subsection (a)(1) of this section shall contain: a description of the boundaries of the area that the neighborhood corporation or Program serves; certification that the applicant is registered with the Neighborhood Reinvestment Corporation; certification of incorporation under State law; certification of receipt of a ruling from the Internal Revenue Service that the applicant is exempt from federal income taxation; certification that the portion of the applicant’s annual operating budget that will not be covered by the grant sought has been provided exclusively from political subdivisions or private sources; and any other information that the Secretary requires.