1. Any of the following community college programs are eligible for designation and approval as an accelerated career education program by the board of directors:

 a. A credit career and technical education program resulting in the conferring of a certificate, diploma, associate of science degree, or associate of applied science degree, which increases program capacity to enroll added participants.
 b. A credit equivalent career and technical education program consisting of not less than five hundred forty contact hours of classroom and laboratory instruction and resulting in the conferring of a certificate or other recognized, competency-based credential, which increases program capacity to enroll added participants.
 2. Program costs shall be calculated or recalculated on an annual basis based on the required program services and for a specific number of participant positions.