(1) Be a Neighborhood Housing Services Program operating within this State and be certified by the Neighborhood Reinvestment Corporation that the applicant is registered and in good standing with it.

(2) Be governed by a board of directors or trustees which is composed of neighborhood residents, representatives of financial institutions and businesses and representatives of local political subdivisions.

(3) Be certified by the Internal Revenue Service of the United States Department of the Treasury as a charitable organization exempt from Federal income tax.

(4) Submit to the department a description of the geographic boundaries served by the applicant and a plan which outlines the strategy that the applicant will employ or is employing to utilize both private and public resources to bring neighborhood dwellings to acceptable levels of health and safety, stem further deterioration of housing units, halt the overall decline of the neighborhood and stimulate reinvestment.

(5) Certify the amount of contributions from private sources raised during the preceding fiscal year. Where the applicant is in its first year of existence, the applicant must certify the amount of contribution pledges from private sources for that year.

(6) Maintain or plan to maintain and administer a high risk revolving loan fund which makes loans at flexible interest rates and repayment terms to neighborhood residents who are unable to obtain financing through normal lending channels for home repairs which are required to maintain their homes at acceptable levels of health and safety.