To be eligible for a forward commitment, a developer: Shall demonstrate experience, acceptable to the Administration, in the development of eligible residences and satisfactory prior experience, if any, in the Program or other programs of the Administration; In the estimation of the Administration, shall be reputable and have the ability to satisfy its obligations under the program documents and these regulations; Shall be qualified to do business in Maryland; Shall hold all licenses or permits from the State, its agencies, and any local governmental unit having jurisdiction necessary to own, construct or rehabilitate, and operate a project, and, if no independent broker or brokers are retained, necessary to sell eligible residences in a project; and May not be suspended or debarred under COMAR 05.02.02, or be on the disapproved contractors' list maintained by the Department, the United States Department of Housing and Urban Development, the Maryland Department of General Services, or any other federal or state agency or instrumentality.