§ 1222 — Main street contracts

§ 1222. Main street contracts. 1. Within the limit of funds available\nin the main street program, the corporation is hereby authorized to\nenter into contracts with eligible applicants to provide financial\nassistance for the actual costs of a main street program. The financial\nassistance shall be either in the form of payments, grants or loans, as\nthe corporation shall determine. No more than fifty percent of the total\namount awarded pursuant to this article in any fiscal year shall be\nallocated to main street programs located within any single\nmunicipality.\n 2. The total payment pursuant to any one contract shall not exceed\nfive hundred thousand dollars and the contract shall provide for\ncompletion of the program within a reasonable period, as specified\ntherein which shall not in any event exceed two years from its\ncommencement. Upon request, the corporation may extend the term of the\ncontract for up to an additional two year period for good cause shown by\nthe eligible applicant.\n 3. The corporation may authorize the eligible applicant to spend up to\nseven and one-half percent of the contract amount for approved planning\nand administrative costs of carrying out a program.\n 4. The corporation shall provide technical assistance and training to\neligible applicants to help communities with their efforts to preserve\nand revitalize main street and downtown business districts consistent\nwith the legislative findings and purpose of this article.\n 5. The corporation shall require that, in order to receive funds\npursuant to this article, the eligible applicant must submit a plan\nwhich shall include but not be limited to program feasibility,\nleveraging of other resources, impact on the community, affirmative\naction and minority business participation.\n 6. If the eligible applicant is a not-for-profit corporation, its\nofficers, directors and members must be representative of the residents\nand other legitimate interests of the community.\n 7. The owner of a property improved with funds made available under\nthis article must agree for a minimum of five years to: maintain the\nproperty in good operating order and condition; to make available and\nmaintain the affordability of residential housing units to persons of\nlow income; and to obtain the consent of the corporation prior to making\nalterations to the property or changing its use.\n