of title I of the National and Community Service Act of 1990 ( 42 U.S.C. 12601 et seq.) and as funds appropriated to the Trust established under such section. (2) Audits For purposes of section 149(c) of the National and Community Service Act of 1990 ( 42 U.S.C. 12606(c) ), funds appropriated under this Act shall be treated as appropriated funds for approved national service positions. 5. Economic Mobility Corps grant program (a) In general The Chief Executive Officer, in consultation with the Secretary, shall award grants, on a competitive basis, to eligible entities to enable such eligible entities to place participants at placement sites for the purpose of engaging them in Economic Mobility Corps projects. (b) Applications To be eligible to receive a grant under this Act, an entity shall submit an application regarding an Economic Mobility Corps project to the Chief Executive Officer at such time, in such manner, and containing such information, as the Chief Executive Officer may require, including— (1) a description of the long-term goals and objectives for the project involved and the benchmarks that the eligible entity will use to determine whether to place participants with a covered community development financial institution and to evaluate the performance of the covered community development financial institution in carrying out the project