; (B) subject to paragraph (2) of this subsection, to refinance interim construction financing of eligible project costs of an eligible project selected under section 207; or (C) to refinance long-term project obligations or Federal credit instruments, if such refinancing provides additional funding capacity for the completion, enhancement, or expansion of a project that— (i) is selected under section 207; or (ii) was originally financed, in whole or in part, with amounts provided other than under this title, if the project otherwise meets the requirements of section 207. (2) Limitation on refinancing of interim construction financing The proceeds of a secured loan under this section made for an eligible project may not be used for the purpose under paragraph (1)(B) after the expiration of the 12-month period beginning upon the date of substantial completion of the project. (c) Risk assessment Before entering into an agreement under this subsection for a secured loan, the Secretary, in consultation with the Director of the Office of Management and Budget and each rating agency providing a preliminary rating opinion letter under section 207(b)(1)(B), shall determine an appropriate capital reserve subsidy amount for the secured loan, taking into account each such preliminary rating opinion letter. (d) Investment-Grade rating requirement for senior obligations The execution of a secured loan under this section shall be contingent on receipt by the senior obligations of the project of an investment-grade rating. (e) Terms and limitations (1) Maximum amount The amount of a secured loan under this section shall not exceed the lesser of— (A) an amount equal to 49 percent of the reasonably anticipated eligible project costs