Once an opportunity is ready to be applied for again you can go into the system find the opportunity you are looking for and then copy it forward. There will be a copy opportunity button located on the upper right hand side of the opportunity record. When you select this copy button it will have you rename the opportunity and it will then copy it forward. The proposal deadline on the opportunity will be moved forward by 1 year and can be adjusted when the new date is known. Any tasks that were associated with the original opportunity can be copied forward as well.
It should be noted that notes and documents that were assigned to the original opportunity will not copy forward as it is a new funding opportunity and the documents and notes that you need to record will most likely be different.