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



(b)  The interim loans shall be secured by a
duly recorded primary or secondary mortgage upon the fee simple or leasehold
interest in the land upon which the dwelling units are constructed, or the
corporation may require other security interests and instruments as it deems
necessary to secure the indebtedness and such other conditions consistent with
the 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 loan
agreement between the eligible developer and the corporation to secure the loan
and the performance of the developer to complete the project. [L 2006, c 180,
pt of §3]