(a) The program funds shall be for administrative and planning expenses related to housing preservation and community renewal activities conducted by the company, including:

(b) In no event shall contract funds be used to defray the costs of construction, repair, renovation, rehabilitation, operation, demolition, clearance or sealing of any buildings or other structures, except that such funds may be used for planning any such activity and for preparing, furnishing, equipping and operating an office facility to be used in connection with the housing preservation and community renewal activities of the company. In such instances, the company shall, to the greatest extent possible, make every effort to provide contracting and purchasing opportunities to minority- and women-owned business enterprises as defined under article 9 of Executive Order No. 21, issued August 4, 1983.

(c) The company shall establish and maintain a checking account with a bank or credit union to be used exclusively for the deposit and withdrawal of funds received pursuant to its contract with the commissioner. All withdrawals from such account must be authorized by the signature of at least two individuals designated by the company for such purposes, at least one of whom shall be a company officer. Copies of all authorized company signature cards for this account and any subsequent changes to those cards must be promptly filed with the division.

(d) The company shall not expend any program funds in activities engaged in for the purpose of attempting to influence the passage or defeat of any legislation by either house of the State Legislature. Notwithstanding the provisions of this subdivision, nothing shall prohibit the company from expending program funds for the following activities:

(e) The company shall not enter into any contract, lease or other agreement whose terms or effect commit the use of program funds for a period of time in excess of the term of the program funding contract.

(f) Payments shall be made by the division to the company no less frequently than quarterly to compensate such company for administering the housing preservation and community renewal activities. Prior to payment, however, the division shall have received all financial statements, progress reports and other documentation as may be required. The division may withhold payments, if said documentation is not acceptable; the division may continue to withhold payments until such documentation is deemed to be acceptable.

(g) The company shall maintain accurate records of all financial transactions which relate to the performance of the contract, in accordance with generally accepted accounting principles, and make these records available to the division on request.