261—212.6 (78GA,ch1174) Ineligible projects. The board shall not approve an application for assistance under this program under any of the following circumstances:
	  1. 	 To refinance an existing loan.
	  2. 	 To fund a project that has previously received financial assistance under the vision Iowa program, unless the applicant demonstrates that the assistance would be used for a significant expansion of the project.
	  3. 	 A project in which vision Iowa funding would constitute more than 50 percent of the total project costs. A portion of the resources provided by the applicant for project costs may be in the form of nonfinancial support.