(a) Except as otherwise provided in subdivision (c) of this section, before final review of an application, the applicant must submit to UDC an application fee of $250. In the event the application is withdrawn or rejected, the corporation shall promptly refund the application fee to the applicant. In the event the application receives financial assistance from the corporation, the application fee shall be applied to, and reduce, the closing fee set forth in subdivision (b) of this section.

(b) In consideration of the below-market interest rate offered by the corporation on the project loan, the recipient shall pay the corporation, at closing, a closing fee of up to 1.0 percent of the loan amount. In addition, the loan recipient may be obligated to reimburse the corporation for expenses related to the making of the loan, including but not limited to expenses related to credit searches, appraisals, surveys, title insurance, filing fees and other expenses deemed appropriate by the corporation.

(c) The corporation shall not charge any administrative fee in connection with any commercial revitalization project or project grant.