(a) Chapter 347 of the Laws of 1980, as amended, added a new article XVII to the Private Housing Finance Law, commonly known as the Rural Preservation Companies Program. The purpose of this act is to encourage and support the efforts of not-for-profit community-based organizations engaged in rural preservation by providing funding for administrative and planning costs essential for ongoing implementation of housing preservation and community renewal activities designed to meet the unmet housing needs of persons and families of low and moderate income and to foster the most effective use of public and private resources for these purposes.

(b) The rules and regulations contained herein are applicable to making funds available to rural preservation companies for rural preservation activities pursuant to the provisions of article XVII of the Private Housing Finance Law, as amended.

(c) Not-for-profit organizations participating in the program are eligible for contracts limited in duration for no more than a one-year term, with the possibility of renewing, extending or entering into new contracts.