Section 5. The persons who have executed an agreement of association under section three with intent to form a corporation for the purpose of undertaking and carrying out a project in a city, other than Boston and Springfield, or in a town shall, before presenting the agreement of association to the state secretary for filing, submit to the housing board an application for its approval of the project for the carrying out of which the corporation is sought to be formed and its consent to the formation of such corporation. Such application shall specify the location of the proposed project and shall state the reasons why the project is necessary or desirable, the uses to which the project is to be put, the estimated cost of the project, and the amount of capital which it is intended to raise. Such application shall also contain in general terms a description of the buildings, structures or facilities which it is proposed to furnish, and shall be accompanied by a site plan and typical building plan and typical elevations of the proposed buildings or structures. If property is to be taken by eminent domain, the applicant shall also file a relocation plan as required pursuant to chapter seventy-nine A.