Loan repayment.

(b) Repayment of any loan provided in accordance with this chapter shall be subject to an interest rate to be determined in accordance with subsection (t) of section 3-20 and such terms and conditions as the commissioner or the authority may establish, including, but not limited to, any interest rate, terms of repayment or conditions for forgiveness of the principal or interest of any such loan. The authority, in its discretion, (1) may approve repayment of a loan for a term to be established by the authority in its discretion or, in the case of a first mortgage that is a graduated payment mortgage, for a term of no more than thirty years or (2) may require the loan be due and payable upon assignment, transfer, sale or other conveyance of the property. Payments by homeowners who have received financial assistance under this chapter prior to October 1, 1995, shall be paid to the State Treasurer and deposited in the General Fund of the state. Payments by homeowners who have received financial assistance under this chapter after October 1, 1995, shall be paid to the authority, deposited in such funds or accounts as the authority may establish from time to time for such purpose and used by the authority to make additional loans pursuant to this chapter unless the Secretary of the Office of Policy and Management directs such payments to be paid to the State Treasurer and deposited in the General Fund.