(a) Each Applicant that is selected to receive a CMF award must enter into an Assistance Agreement with the CDFI Fund. The Assistance Agreement will set forth certain required terms and conditions of the Assistance Agreement which may include, but are not limited to, the following:
(1) The amount of the award;
(2) The approved uses of the award;
(3) The approved Service Area in which the award may be used;
(4) The time period by which the award proceeds must be Committed;
(5) The required documentation to evidence Project Completion; and
(6) Performance goals that have been established by the CDFI Fund based upon the Awardee's application.
(b) The Assistance Agreement shall provide that in the event of fraud, mismanagement, noncompliance with the Act or the CDFI Fund's regulations; or noncompliance with the terms and conditions of the Assistance Agreement on the part of the Awardee; the CDFI Fund, in its discretion, may:
(1) Require changes in the performance goals set forth in the Assistance Agreement;
(2) Revoke approval of the Awardee's Application;
(3) Reduce or terminate the Awardee's assistance;
(4) Require repayment of any assistance that has been distributed to the Awardee;
(5) Bar the Awardee from reapplying for any assistance from the CDFI Fund; or
(6) Take such other actions as the CDFI Fund deems appropriate or as set forth in the Assistance Agreement.
(c) Prior to imposing any sanctions pursuant to this section or an Assistance Agreement, the CDFI Fund shall, to the maximum extent practicable, provide the Awardee with written notice of the proposed sanction and an opportunity to comment. Nothing in this section, however, shall provide an Awardee the right to any formal or informal hearing or comparable proceeding not otherwise required by law.