(1) Grants may be provided to local governments for:
(a) A newly incorporated neighborhood housing services corporation project;
(b) An expansion of an existing neighborhood housing services corporation project to include new geographical areas; and
(c) A continuation of an existing neighborhood housing services corporation project, but only if at least one-third of the total operating budget for the grant year is funded by the private sector.
(2) Each individual project of a local government having one or more projects within its jurisdiction is eligible for funding.
(3) In no case shall more than $150,000 be granted to a local government for projects within its jurisdiction within a 12-month period.