To qualify for a Program loan, a group home sponsor shall own and operate a group home and be:
(1) a nonprofit organization;
(2) an individual; or
(3) a limited partnership if:
(i) 1. each general partner qualifies as a nonprofit organization; or
2. each general partner is a wholly owned subsidiary of a nonprofit organization;
(ii) the limited partnership is formed to undertake a group home project that is totally or partly eligible for a federal low income housing tax credit program or any other federal program or incentive; and
(iii) a nonprofit organization manages the project or receives the net cash flow from or the residual sale proceeds on sale of the group home.