; and (ii) the greatest of— (I) $400,000; (II) 0.2 percent of the value of the State loan fund of a State, as of the date on which the valuation is made; and (III) an amount equal to 7 percent of all grant awards made to a participating State for the State loan fund of the State under this section for the fiscal year. (3) Audit and report (A) Audit requirement Not less frequently than biennially, each participating State shall conduct an audit of the State loan fund of the State. (B) Report Each participating State shall submit to the Administrator a biennial report regarding the activities of the State under this section during the period covered by the report, including— (i) the result of any audit conducted by the State under subparagraph (A); and (ii) a review of the effectiveness of the State loan fund of the State with respect to— (I) the intended use plans of the State; and (II) meeting the objectives described in subsection (b)(1). (4) Oversight In conducting oversight with respect to State loan funds established under this section, the Administrator— (A) shall— (i) periodically audit the funds in accordance with procedures established by the Comptroller General of the United States; and (ii) not less frequently than once every 4 years, review each State loan fund to determine the effectiveness of the fund in reducing flood risk; and (B) may, at any time— (i) make recommendations to a participating State with respect to the administration of the State loan fund of the State