1. (1) a nonprofit organization;
2. (2) an individual; or

3. (3) a limited partnership if:

   1. (i) 1. each general partner qualifies as a nonprofit organization; or

      1. 2. each general partner is a wholly owned subsidiary of a nonprofit organization;
   2. (ii) the limited partnership is formed to undertake a group home project that is totally or partly eligible for a federal low income housing tax credit program or any other federal program or incentive; and
   3. (iii) a nonprofit organization manages the project or receives the net cash flow from or the residual sale proceeds on sale of the group home.

To qualify for a Program loan, a group home sponsor shall own and operate a group home and be:

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.