(a) An applicant may be:

1. (1) An individual;
2. (2) A partnership;
3. (3) A corporation;
4. (4) A limited liability company;
5. (5) A joint venture;
6. (6) A watershed improvement district;
7. (7) A drainage district; or
8. (8) A regional water distribution district.

(b) Except for drainage and watershed improvement districts, the applicant must:

1. (1) Be the owner of the property where the project is to be constructed/installed; or
2. (2) Have property rights to said land that equal or exceed the predetermined project life of the project for which funding is requested.