[§201H-43]  Interim financing of projects. (a)  The corporation may provide interim construction loans to eligibledevelopers.  In addition to the rate of interest charged on interim loans, thecorporation may charge loan commitment fees to be determined by rules adoptedby the corporation.

(b)  The interim loans shall be secured by aduly recorded primary or secondary mortgage upon the fee simple or leaseholdinterest in the land upon which the dwelling units are constructed, or thecorporation may require other security interests and instruments as it deemsnecessary to secure the indebtedness and such other conditions consistent withthe production and marketing of dwelling units at the lowest possible prices. The corporation may also set the conditions of a loan in a building and loanagreement between the eligible developer and the corporation to secure the loanand the performance of the developer to complete the project. [L 2006, c 180,pt of §3]