The lender may apply for mortgage insurance under the Program if the project meets the following minimum requirements: The project is located in Maryland; Title to the project is acceptable to the Fund; The project: Conforms to applicable State and local building, zoning, health, and housing codes, or in cases of proposed construction or rehabilitation, will conform to those codes when completed, and Is in compliance with the requirements of any State agency or local government where the project is located governing special housing facility projects; The project, in the determination of the Fund, has a useful life of a length satisfactory to the Fund; Upon closing of the loan, the project will be owned by the sponsor; The project is, or will be upon closing of the loan, subject to a contract with an agency of State or local government under terms and conditions, acceptable to the Fund; The project is a single family dwelling unit; and The project, if a condominium unit, is part of a condominium regime approved by the Federal Housing Administration, as required by the Fund.