(1) Applications for direct loans shall be made in the form given as Form 2 in Schedule 2, and shall be accompanied by such plans specifications and site information as the Authority may require to enable the Authority to determine the lending value of the property.
(2) Each application shall be accompanied by a fee of $3 for every $1,000 or part thereof of the amount of the proposed loan; if the Authority does not approve of the application, or if the application is withdrawn before the Authority has given an undertaking to make a loan, 1/2 of such fee shall be returned to the applicant.