§ 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.