A loan may not be awarded that will cause a project to be funded at a level exceeding 100 percent of the total project costs. Loans may be awarded up to 100 percent of the eligible costs of the project. Loans may be made to refinance existing financing that has been already obtained at terms that are found to be not reasonable. Eligible Costs. Costs eligible for a loan are actual construction costs. In addition, at the discretion of the Department of the Environment, loans may be awarded to include some or all of the following supplementary project costs: Reports; Plans; Specifications; Rehabilitation and improvement of process facilities which will reduce the discharge of pollutants more effectively than the installation of additional pretreatment equipment.