(b) A performance contract shall serve as the award mechanism. Such contract shall only be entered into with RARP companies and shall not be assigned or transferred, except upon written authorization of the commissioner. Such performance contract shall include, but not be limited to:

1. (1) the term of the performance contract, which shall not in any event exceed two years from its commencement;
2. (2) the amount, which shall not exceed $100,000;
3. (3) the specific location and description of the proposed RARP, including the approximate number of buildings and residential, commercial, community or cultural units affected;
4. (4) the exact scope of work to be performed and the specific terms and conditions required by the division;
5. (5) a detailed timetable for completion of proposed RARP;
6. (6) a listing of all other funding sources committed to the proposed RARP;

7. (7) a detailed long-term plan for the management or disposition of the property improved by the applicant.

   1. (i) The division shall have the right to review and approve the tenant selection procedure, the terms and conditions of all initial leases, and the overall management plan for operating and maintaining the property.
   2. (ii) The division shall have the right to review and approve any transfer of property acquired or improved, in whole or part, with RARP funds, for a period of seven years commencing at the time of project completion. Any funds recaptured by and through such transfers shall be recaptured on a pro rata basis over the seven-year term. Instruments, in addition to the RARP contract, may be executed to ensure enforcement of this provision.
   3. (iii) Any violation of the terms and/or conditions of the RARP program contract, the regulations, or article XVII-B of the Private Housing Finance Law, may be subject to a recapture of the grant on a pro rata basis over the seven-year term; and
8. (8) an agreement to guarantee future maintenance of the improvement subsequent to the termination of the performance contract.