(1) A housing sponsor may be anyone or a combination of the entities listed in 90-6-103, MCA, that is approved by a qualified lending institution acting on behalf of the board. Housing sponsors may include a limited profit housing sponsor, a non-profit housing sponsor and a governmental agency as defined in 90-6-103, MCA, and who possess the legal, financial and managerial capacity to provide housing developments within the state.

(2) Housing sponsors will certify all actual housing sponsors' expenditures to the board.