The Secretary may from time to time set dates by which applications for grants under § 38-1412 for any fiscal year must be filed by the Mayor. A grant under § 38-1412 may be made only if application therefor:
(1) Is approved by the Secretary;
(2) Contains such information as the Secretary may require to make the determinations required of him under this subchapter and such assurances as he may find necessary to carry out the purposes of this subchapter; and
(3) Provides for such fiscal control and accounting procedures and reports and access to the records of the Mayor and the applicant schools as the Secretary may from time to time require in carrying out his functions under this subchapter.