(a) A nonrefundable application fee of $250 must be paid to the corporation before final review of an application can be completed, except the application fee will be reduced to $100 for projects involving financing by the corporation of less than $250,000 or less.

(b) The corporation shall assess an administrative fee of up to 1.5 percent of the project loan, payable by the borrower at or prior to closing. The corporation may allocate the administrative fee to cover project-related expenses it deems appropriate. Such allocation may include sharing a portion of the administrative fee with a municipality, industrial development agency, local development corporation, or other not-for-profit entity that has assisted the corporation or the borrower in preparing or processing the application for assistance or in closing the project. In addition, the borrower generally will be obligated to pay for all expenses related to the project loan, including but not limited to expenses related to appraisals, surveys, title insurance and other requirements deemed appropriate by the corporation.