(a) Permissible use of investment. The Department's investment is to be used to finance individual loans and/or grants that meet the RED C4T Program's objectives and terms defined by the Agreement.     
      (b) Minimum amount of investment. The Department shall not provide an investment to an applicant where the amount of the investment is less than $100,000.     
      (c) Maximum amount of investment. The cumulative amount of investment(s) to an applicant may not exceed $1,000,000.     
      (d) Investment Return. The investment return shall be the rate approved by the Department and/or lender, if applicable.     
      (e) Investment term. The term of the initial investment shall be defined in the Agreement between the Recipient and the Department. Any extension to the initial term must be approved in writing by the Department.     
      (f) Reporting requirements for an investment provided by the Department, at minimum, include:      
        (1) Annual reporting. The Recipient shall provide to the Department a copy of its annual audit report.       
        (2) Quarterly reports. The Recipient shall provide to the Department quarterly reports, in a format approved by the Department, summarizing its activities or accomplishments for the previous three-month period. Quarterly reports are due thirty days after the end of each quarter or as specified in the Agreement.       
        (3) If necessary, the Department may request other reports or documentation reasonably necessary for an assessment of the applicant's compliance with the program.       
      (g) Repayment of the initial investment. The Recipient shall repay the initial investment plus the investment return as defined in the Agreement.     
     Source Note:        The provisions of this §29.29 adopted to be effective December 29, 2020, 45 TexReg 9409