§ 1262. Residential emergency services to offer home repairs to the elderly contracts. 1. Within the limit of funds available in the residential emergency services to offer home repairs to the elderly program, the corporation is hereby authorized to enter into contracts with eligible applicants to provide financial assistance for the actual costs of a residential emergency services to offer home repairs to the elderly program. The financial assistance shall be either in the form of grants or loans, as the corporation shall determine. Funds must be used for one- to four-unit dwellings that are owned and occupied by eligible households, and work undertaken cannot exceed ten thousand dollars per building. No more than fifty percent of the total amount awarded pursuant to this article in any fiscal year shall be allocated to any residential emergency services to offer home repairs to the elderly program located within any single municipality.

2. From the date of the emergency referral, the eligible applicant has up to five business days to respond and inspect the eligible property; from the date of the inspection and assessment of emergency repair need, the eligible applicant must start the repairs within fourteen business days; all repairs must be completed within sixty business days of the start of the repairs provided, however, that the commissioner shall grant the eligible applicant additional time for good cause.

3. 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.

4. The corporation shall authorize the eligible applicant to spend seven and one-half percent of the contract amount for approved planning and administrative costs associated with administering the program.