HUD will conduct reviews of the agency's cooperative agreement implementation. This review will also identify:
(a) How the agency used the FHAP funds received;
(b) Whether its draw-down of funds was timely;
(c) Whether the agency has been audited and received copies of the audit reports in accordance with applicable rules and regulations for State and local governmental entities; and
(d) If the agency complied with all certifications and assurances required by HUD in the cooperative agreement.