Money in the Fund may be used to make loans to an approved applicant to: acquire, construct, or rehabilitate a rental housing project; convert an existing building or buildings to a rental housing project; or provide operating assistance to reduce the operating costs of a project by depositing the proceeds of the Program loan in an interest bearing account that is under the control of the Department and is used to pay the operating costs, including the principal and interest when due, on any prior mortgage loan securing the project. A Program loan may: be secured by a mortgage lien; be subordinate to other financing; have an interest rate as low as zero percent; be payable out of surplus cash; be a deferred payment loan; provide for an equity participation by the Department or contingent interest payable out of surplus cash or net equity; or have any other terms the Department may require. To facilitate repayment of the Program loan and achieve the purposes of the Program, the Department may modify: the interest rate; the time or amount of payment; or any other term of the Program loan.