(a) To participate in the discretionary program provided by this subchapter, a designated recipient must submit to the commission an application for project financing. The application must contain:
(1) a description of the project, including an estimate of the population that the project would benefit and the anticipated completion date of the project;
(2) a statement of the estimated cost of the project, including an estimate of the portion of the cost of the project financed by the United States; and
(3) the certification required by Section 456.006(b)(4).
(b) After the commission receives an application under this section, the commission shall approve or deny the application and notify the applicant in writing of its decision.