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 for the CMF Award that may include, but are not limited to, the following:

The amount of the CMF Award;

The approved uses of the CMF Award;

The approved Service Area;

The time period by which the CMF Award proceeds must be Committed;

The required documentation to evidence Project Completion; and

Performance goals that have been established by the CDFI Fund pursuant to this part, the NOFA, and the Recipient's application.

The Assistance Agreement shall provide that, in the event of fraud, mismanagement, noncompliance with the Act or these regulations, or noncompliance with the terms and conditions of the Assistance Agreement, on the part of the Recipient, the CDFI Fund, in its discretion, may make a determination to:

Require changes in the performance goals set forth in the Assistance Agreement;

Revoke approval of the Recipient's application;

Reduce or terminate the CMF Award;

Require repayment of any CMF Award that have been paid to the Recipient;

Bar the Recipient from applying for any assistance from the CDFI Fund; or

Take such other actions as the CDFI Fund deems appropriate or as set forth in the Assistance Agreement.

Prior to making a determination that the Recipient has failed to comply substantially with the Act or these regulations or an Assistance Agreement, the CDFI Fund shall provide the Recipient with reasonable notice and opportunity for hearing.