Sec. 2815.1. Contracts

(a) Rural preservation program 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 region or portion thereof within which the housing preservation and community renewal activities shall be performed; and

(3) include the following items:

(i) general goals in effecting rural 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;

(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 $100,000 in a single year and to the aggregate sum of $650,000 for a single rural preservation company, provided that in any year in which the aggregate sum of $3,000 shall have been reached and all succeeding years, the annual contract shall be subject to a limit of $65,000 per year.