Section 1202. Access to home contracts

1.  Within  the limit of funds
  available in the access to  home  program,  the  corporation  is  hereby
  authorized  to  enter into contracts with eligible applicants to provide
  financial assistance for the actual costs of an access to home  program.
  The financial assistance shall be either in the form of grants or loans,
  as  the  corporation  shall determine. No more than fifty percent of the
  total amount awarded pursuant to this article in any fiscal  year  shall
  be  allocated  to  access  to  home  programs  located within any single
  municipality.
    2. The total payment pursuant to any one  contract  shall  not  exceed
  five  hundred  thousand  dollars  and  the  contract  shall  provide for
  completion of the program  within  a  reasonable  period,  as  specified
  therein,  which  shall  not  in  any  event  exceed three years from its
  commencement. Upon request, the corporation may extend the term  of  the
  contract  for up to two additional one year periods for good cause shown
  by the eligible applicant.
    3. The corporation may authorize the eligible applicant to spend up to
  seven  and  a  half  percent  of  the  contract  amount   for   approved
  administrative costs associated with administering the program.
    4.  The  corporation  shall  require  that,  in order to receive funds
  pursuant to this article, the eligible applicant  shall  submit  a  plan
  which  shall include, but not be limited to, program feasibility, impact
  on the community, budget for expenditure of program  funds,  a  schedule
  for  completion of the program, affirmative action and minority business
  participation.