A local government qualifies for participation in the Program if: the local government has: a 5–year consolidated plan approved by the United States Department of Housing and Urban Development; or a comprehensive plan; the plans listed in item (1) of this subsection: have a workforce housing element; assess workforce housing needs; and contain goals, objectives, and policies to preserve or develop workforce housing; and the local government provides a statement to the Department indicating: a desire to participate in the Program; and a reasonable expectation of the local government’s ability to provide the matching funds required under § 4–1804 of this subtitle. The workforce housing element in the 5–year consolidated plan or the comprehensive plan of a qualifying local government may include: preservation and renovation of existing housing stock; redevelopment of existing residential areas; streamlined regulatory processes and reduced regulatory fees for construction or renovation; financial incentives for construction and renovation including local property tax credits; special zoning regulations for construction and renovation including inclusionary zoning; efforts to preserve workforce housing stock for subsequent first–time homebuyers and renters; coordination with neighboring jurisdictions; coordination with private sector employers; and leveraging of federal financial assistance.