(b) A loan from the fund made under subsection (a) of this section shall be:

1. (1) For:

   1. (A) Deferred maintenance;
   2. (B) Critical maintenance; or
   3. (C) A renovation of state-owned property; and
2. (2) In an amount that exceeds one hundred thousand dollars ($100,000).

(d) An applicant applying for a loan under this part shall meet the following eligibility requirements:

1. (1) Applications for loans for construction and/or renovation projects should be accompanied by a copy of the engineer's or architect's project budget guidelines; and

2. (2) Criteria for loan approval will include, but are not limited to, the following:

   1. (A) The institution's current debt service requirements:

(i) The total annual debt service, including that for the loan, if approved, may not exceed twenty-five percent (25%) of annual student tuition and fee revenue; or

1. (ii) If local millage is pledged against the loan, the millage income must equal no less than one hundred twenty percent (120%) of total annual debt service;

   1. (B) Feasibility of and need for the proposed project in the context of the educational and general mission of the institution; and
   2. (C) Availability of loan funds.