A. To be eligible to receive lands, buildings and infrastructure pursuant to Article 9, § 14 of the constitution of New Mexico, a nonindividual qualifying grantee shall:

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(1)     have a functioning accounting system that is operated in accordance with generally accepted accounting principles or shall designate an entity that will maintain such an accounting system consistent with generally accepted accounting principles;

(2)     have among its purposes significant activities related to providing housing or services to low- or moderate-income persons or households; and

(3)     if it has significant outstanding or unresolved monitoring findings from either the authority or its most recent independent financial audit, have a certified letter from the authority or auditor stating that the findings are in the process of being resolved.

B. To be eligible to receive lands, buildings and infrastructure pursuant to Article 9, § 14 of the constitution of New Mexico, an individual qualifying grantee shall meet the requirements established by the authority pursuant to the Affordable Housing Act.