Section 1222. Main street contracts

1. Within the limit of funds available
  in the main street program, the  corporation  is  hereby  authorized  to
  enter  into  contracts  with  eligible  applicants  to provide financial
  assistance for the actual costs of a main street program. The  financial
  assistance  shall be either in the form of payments, 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   main   street   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  two  years  from its
  commencement. Upon request, the corporation may extend the term  of  the
  contract for up to an additional two year period for good cause shown by
  the eligible applicant.
    3. The corporation may authorize the eligible applicant to spend up to
  seven  and one-half percent of the contract amount for approved planning
  and administrative costs of carrying out a program.
    4. The corporation shall provide technical assistance and training  to
  eligible  applicants  to help communities with their efforts to preserve
  and revitalize main street and downtown  business  districts  consistent
  with the legislative findings and purpose of this article.
    5.  The  corporation  shall  require  that,  in order to receive funds
  pursuant to this article, the eligible  applicant  must  submit  a  plan
  which   shall  include  but  not  be  limited  to  program  feasibility,
  leveraging of other resources,  impact  on  the  community,  affirmative
  action and minority business participation.
    6.  If  the  eligible  applicant  is a not-for-profit corporation, its
  officers, directors and members must be representative of the  residents
  and other legitimate interests of the community.
    7.  The  owner  of a property improved with funds made available under
  this article must agree for a minimum of five  years  to:  maintain  the
  property  in  good  operating order and condition; to make available and
  maintain the affordability of residential housing units  to  persons  of
  low income; and to obtain the consent of the corporation prior to making
  alterations to the property or changing its use.