(B) For any such interest that accrues, (i) the rate of accrual shall be established by the authority in accordance with the authority's procedures, and (ii) such interest shall start to accrue at the end of the sixty-month period established under subsection (a) of section 8-265gg during which one or more emergency mortgage assistance payments were provided.
(b) Repayment of amounts owed to the authority from a homeowner under the provisions of sections 8-265cc to 8-265kk, inclusive, shall be secured by a mortgage on the homeowner's real property, provided said mortgage shall not be deemed to take priority over any other mortgage or lien in effect against such property on the date the emergency mortgage is recorded. The authority may allow subordination of its mortgage if such subordination is required to permit the homeowner to obtain a home improvement loan for repairs necessary to preserve the property.
(c) The authority may, at the discretion of the authority, waive any right of the authority to conduct periodic review of the homeowner's financial circumstances to determine the amounts of repayment required under this section.
(d) All moneys received by the authority from homeowners for repayment of emergency mortgage or lien assistance payments 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 be used solely for the purposes of the program established pursuant to sections 8-265cc to 8-265kk, inclusive.