(a) The division shall review at periodic intervals the performance of the company under its contract with the division. The company shall provide, not less than quarterly, reports to facilitate the evaluation process and other reports that the division may request. The reports shall include but not be limited to the following items:

1. (1) progress of activities;
2. (2) progress in securing funds from other sources for administrative and planning costs;
3. (3) a financial report reflecting all transactions which relate to the performance of the contract; and
4. (4) matching funds received to date.

(b) The company must maintain records which shall be available for inspection and review by the division during normal business hours. These records shall include but not be limited to the following:

1. (1) housing preservation and community renewal records;
2. (2) accounting records; and

3. (3) time records of all employees and consultants receiving salaries, wages or compensation.

   (c)

4. (1) Should the division's review of the company indicate unsatisfactory performance in any of the following areas:

   1. (i) carrying out its proposed activities;
   2. (ii) implementing its financial plan;
   3. (iii) providing financial reports or meeting other administrative requirements; or
   4. (iv) meeting its matching fund requirements;

5. (2) Then the division may impose one or more of the following actions:

   1. (i) withhold the release of funds;
   2. (ii) place the company on probation; or
   3. (iii) modify or terminate the contract.