ยง 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.