Sec. 1932.3. Performance supervision

(a) The corporation shall review at periodic intervals at least annually the performance of eligible applicants under their respective regulatory agreements with the corporation.

(b) The corporation, and the regulatory agreement and any other agreement shall provide that the corporation, reserves the right to recapture from an eligible applicant all funds awarded to that eligible applicant if the project ceases to be used in the manner specified in the regulatory agreement in the period commencing on the date the regulatory agreement is executed and seven years thereafter.

(c) Eligible applicants shall provide such periodic reports as the corporation may require. The reports shall include, but shall not be limited to, the following items:

(1) progress of proposed acquisition, reconstruction, or rehabilitation;

(2) the status of project operations; and

(3) annual audited financial statements in accordance with generally accepted auditing standards or such other financial reports as the corporation may require.