; and (2) $50,000,000 for the costs to the Secretary of administering and overseeing the implementation of this section and the Office of Housing programs generally, including information technology, financial reporting, research and evaluations, other cross-program costs in support of programs administered by the Secretary in this title, and other costs. Amounts appropriated by this section shall remain available until September 30, 2031. (b) Loan terms and conditions (1) Eligibility Owners or sponsors of multifamily housing projects who meet each of the following requirements shall be eligible for loan assistance under this section: (A) The multifamily housing project, including any project from which assistance has been approved to be transferred has deficiencies that cause the project to be at risk of physical obsolescence or economic non-viability. (B) The actual rents received by the owner or sponsor of the distressed property would not adequately sustain the debt needed to make necessary physical improvements. (C) The owner or sponsor meets any such additional eligibility criteria as the Secretary determines to be appropriate, considering factors that contributed to the project’s deficiencies. (2) Use of loan funds Each recipient of loan assistance under this section may only use such loan assistance to make necessary physical improvements. (3) Loan availability The Secretary shall only provide loan assistance to an owner or sponsor of a multifamily housing project when such assistance, considered with other financial resources available to the owner or sponsor, is needed to make the necessary physical improvements. (4) Interest rates and length Loans provided under this section shall bear interest at 1 percent, and at origination shall have a repayment period coterminous with the affordability period established under paragraph (6), with the frequency and amount of repayments to be determined by requirements established by the Secretary. (5) Loan modifications or forgiveness With respect to loans provided