Sponsors shall meet the following minimum requirements to be eligible to apply for financial assistance under the Program: If a sponsor is a legal entity other than a local jurisdiction, be in good standing and qualified to do business in Maryland; Have the legal capacity and all necessary legal authority to incur the obligations involved in the form of financial assistance provided under the Program; and Demonstrate site control as evidenced by the following: Own the project, Have a long-term leasehold interest in the project, Have a valid sales contract to purchase the project, Have an option on or agreement of understanding acceptable to the Department to purchase the project, or Have some other form of interest in the project acceptable to the Department.