(a) Loans or loan subsidies from the Historic Preservation Revolving Loan Fund shall be made only to property owners who:
(1) Agree to repay the loan and to maintain the registered cultural property as restored, rehabilitated, or repaired for a specified period, but in no case less than seven (7) years;
(2) Agree to maintain complete and proper financial records regarding the registered cultural property and to make these available to the Arkansas Historic Preservation Program on request;
(3) Agree to complete the proposed rehabilitation, repair, or restoration work on the registered cultural property within two (2) years from the date of project loan approval by the program; and
(4) Provide sufficient collateral security interest in the registered cultural property to the State of Arkansas in accordance with rules established by the program.
(b)
(1) A loan shall be made for a period not to exceed five (5) years with interest on the unpaid balance at a rate not greater than the yield at the time of loan approval on United States Treasury bills with a maturity of three hundred sixty-five (365) days plus three and one-half percent (3½%).
(2) A loan shall be repaid by the property owner in equal installments not less often than annually, with the first installment due within one (1) year of the date the loan is issued.
(c)
(1) Loans shall be made only for eligible costs.
(2)
(A) Eligible costs include architectural, engineering, and planning costs, inspection of work in progress, contracted restoration, rehabilitation, and repair costs, and costs necessary to meet code requirements.
(B) Eligible costs shall not include costs of land acquisition, legal costs, or fiscal agents' fees.