§ 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.