[§514D-5]  Loans; limitations and conditions.  (a)  Loans under this chapter shall be for financing, or refinancing previous loans that were used for, the following maintenance or repairs in a condominium project:

     (1)  Installing, repairing, or replacing fire sprinklers or other fire safety measures;

     (2)  Repairing or replacing the pipes;

     (3)  Repairing or replacing the roof; or

     (4)  Any other maintenance or repairs the authority deems qualified for the loans.

     (b)  The loan agreement shall require that the qualified condominium association increase its replacement reserves fund balance over the term of the loan.

     (c)  Any loan provided under this chapter shall have a term of not more than twenty years.  No new loan under this chapter shall be issued after June 30, 2027. [L 2025, c 296, pt of §19]