Sec. 2605.1. Contracts

(a) Neighborhood preservation companies' contracts shall:

(1) be for a period of one year, but may be renewed or extended at the discretion of the commissioner;

(2) define the neighborhood or portion thereof within which the neighborhood preservation activities shall be performed;

(3) include the following items:

(i) general goals in effecting neighborhood preservation, stabilization or improvement;

(ii) quantified measurable objectives to be accomplished by the completion of the activities proposed in the work plan;

(iii) financial plan, including budget specifying the use of funds from the division, other financial resources, including the one-third match requirement and staffing pattern; and

(iv) a plan for securing funds from other sources, for administrative and planning costs.

(b) Contracts shall be limited in amount to the sum of one hundred thousand dollars in a single year and to the aggregate sum of $650,000 for a single neighborhood preservation company, provided that in any year in which the aggregate sum of $300,000 shall have been reached and all succeeding years, the annual contract amount shall be subject to a limit of $65,000 per year.