(b) The aggregate amount of each such participation loan shall not exceed the cost of the rehabilitation, conversion or construction, plus the costs of any or all undertakings necessary for the planning, financing, acquisition, satisfaction of tax liens and other municipal liens and encumbrances, construction, equipment and development in connection therewith, provided that, if any portion of such loan is used for the cost of acquisition or for refinancing, the amount of a municipality's portion of such loan shall not exceed one and one-half times the cost of rehabilitation, conversion or construction.

(c) The amount of any such loan, together with the amount of all prior liens and encumbrances, shall not exceed, except in the case of a loan made to a non-profit company, a mutual company, or a housing development fund company, ninety per centum of value unless the agency makes a written determination that the owner has insufficient resources to pay for the remaining ten per centum of value, in which case such loan shall not exceed ninety-five per centum of value. The amount of any such loan, together with the amount of all prior liens and encumbrances, made to a non-profit company, a mutual company, or a housing development fund company shall not exceed value, provided that when after completion of such rehabilitation, conversion or construction, such multiple dwelling is, or is to be operated, exclusively for the benefit of persons and families who are entitled to occupancy by reason of ownership of stock in the corporate owners, such loan shall not exceed ninety-eight per centum of value unless the agency makes a written determination that the owner has insufficient resources to pay for the remaining two per centum of value, in which case such loan shall not exceed value. 4. Each such bond or note and mortgage or bonds or notes and mortgages shall be repaid over or within a period of thirty years in such manner as may be provided in such bond or note and mortgage or bonds or notes and mortgages but in no case shall the term of such loan exceed the probable life of the multiple dwelling which is hereby determined to be thirty years. Such bond or note and mortgage or bonds or notes and mortgages and any contract in connection with such permanent and temporary loans may contain such other terms and provisions not inconsistent with the provisions of this article as the local legislative body or the agency may deem necessary or desirable to secure repayment of the loan, the interest thereon and other charges in connection therewith and to carry out the purposes and provisions of this article. 5. The bond or note or the bonds or notes issued by the owner and the mortgage or mortgages relating thereto may authorize such owner, with the consent of the agency and the private investor, to prepay the principal of the loan subject to such terms and conditions as therein provided. Such bond or note and mortgage or bonds or notes and mortgages may contain such other clauses and provisions as the agency shall require. 6. Where a municipality joins with one or more private investors in making a participation loan secured by a single participating mortgage or by separate mortgages, the agency may make provision, either in the mortgage or mortgages or by separate agreement, for the performances of such services as are generally performed by a banking institution or insurance company which itself owns and holds a mortgage or by a trustee under a trust mortgage and for the imposition of reasonable fees for financing, regulation, supervision and audit of such multiple dwelling. The agency is hereby authorized to act as trustee or to consent to the appointment of a banking institution or any subsidiary thereof to act in such capacity and to provide such services as are generally performed by any such bank itself or its subsidiary owning and holding such a mortgage. 7. Banking organizations and insurance companies may exercise such power only to the extent and on such conditions as may be authorized by the state superintendent of financial services. 8. Notwithstanding the provisions of any other law, a savings bank may invest to an amount not exceeding ninety per centum of the value of any real property when jointly participating or investing in a loan pursuant to the provisions of this article or not exceeding ninety-five per centum of the value of any real property when jointly participating or investing in a loan pursuant to the provisions of article fourteen of this chapter.