LAC 7:III.913. Borrower Reporting Requirements; Record Keeping; Nonperformance

A. The program partners may enter into a loan agreement with all borrowers. Loan proceeds are subject to audit by the program partners, LAFA, LDAF, OCD, their auditors, the Louisiana Legislative Auditor, HUD, or federal auditors in the scope of any audits which any of them deem prudent to perform. Borrowers may be required for complying with all applicable D-CDBG regulations. B. Borrowers may be required to submit CPA-audited fiscal year-end financial statements, annual federal tax returns for the borrower and all guarantors, quarterly CPA prepared financial statements and annual personal financial statements for all guarantors. Additional financial and/or compliance documentation may be required.