; (B) develop the memorandum of understanding described in section 7(a)(1); (3) a description of the goals of the demonstration project, which shall include— (A) improving academic achievement and life outcomes for children from low-income families; and (B) either increasing socioeconomic or racial diversity in one or more local educational agencies, or creating housing and educational stability for homeless children and youths, or both such goals; (4) a description of the target population to be served using grant funds, which may include homeless children and youths, unaccompanied youths, or children or youths living in subsidized housing; (5) an assurance that each local educational agency that is a partner in the eligible entity will meet the applicable requirements of paragraphs (3) and (6) of section 722(g) of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11432(g)(3) and (6)); and (6) a description, including a timeline and a budget, of how the eligible entity plans to spend planning grant funds consistent with section 7(a). (b) Implementation grant An eligible entity that desires an implementation grant to conduct a demonstration project shall submit an application at such time, in such manner, and containing such information as the Secretaries may reasonably require. Such application shall include— (1) a description of how the eligible entity used funds under section 7(a), if such entity received a planning grant under subsection (a); (2) a memorandum of understanding between all partners of the eligible entity, which includes the information described in section 7(a)(1); (3) a description of— (A) the goals described in subsection (a)(3), updated as necessary to reflect the results of the planning period, if applicable; (B) the activities the eligible entity plans to conduct, in accordance with section 7(b); (C) how the eligible entity conducted stakeholder outreach that informed the demonstration project