If a school district which has qualified for an allotment of state funds under the provisions of RCW
28A.525.162 through
28A.525.180 for school building construction is found by the superintendent of public instruction, considering policy recommendations from the school facilities citizen advisory panel, to have a school housing emergency requiring an allotment of state funds in excess of the amount allocable under RCW
28A.525.166, an additional allotment may be made to such district: PROVIDED, That the total amount allotted shall not exceed ninety percent of the total cost of the approved project which may include the cost of the site and equipment. At any time thereafter when the superintendent finds that the financial position of such school district has improved through an increase in its taxable valuation or through retirement of bonded indebtedness or through a reduction in school housing requirements, or for any combination of these reasons, the amount of such additional allotment, or any part of such amount as the superintendent determines, shall be deducted, under terms and conditions prescribed by the superintendent, from any state school building construction funds which might otherwise be provided to such district.