; or (B) additional information or materials are needed to complete the application. (2) Approval or denial of application Not later than 60 days after the date of issuance of the written notice under paragraph (1), the Assistant Secretary shall provide to the applicant a written notice informing the applicant whether the Assistant Secretary has approved or disapproved the application. (3) Approval before NEPA review Subject to subsection (c)(2), an application for a project may be approved before the project receives an environmental categorical exclusion, a finding of no significant impact, or a record of decision under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq.). (e) Development Phase Activities Any credit instrument secured under the BIFIA program may be used to finance up to 100 percent of the cost of development phase activities as described in section 2(4)(A). 4. Secured loans (a) In General (1) Agreements Subject to paragraphs (2) and (3), the Assistant Secretary may enter into agreements with one or more obligors to make secured loans, the proceeds of which shall be used— (A) to finance eligible project costs of any project selected under section 3; (B) to refinance interim construction financing of eligible project costs of any project selected under section 3; or (C) to refinance long-term project obligations or Federal credit instruments, if the refinancing provides additional funding capacity for the completion, enhancement, or expansion of any project that— (i) is selected under section 3; or (ii) otherwise meets the requirements of section 3. (2) Limitation on refinancing of interim construction financing A loan under paragraph (1) shall not refinance interim construction financing under paragraph (1)(B)— (A) if the maturity of such interim construction financing is later than 1 year after the substantial completion of the project