§ 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.