; and (ii) the greatest of— (I) $400,000; (II) 0.2 percent of the value of the State or Tribal government loan fund of a participating entity, 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 entity for the State or Tribal government loan fund of the participating entity under this section for the fiscal year. (3) Audit and report (A) Audit requirement Not less frequently than biennially, each participating entity shall conduct an audit of the State or Tribal government loan fund of the participating entity. (B) Report Each participating entity shall submit to the Administrator a biennial report regarding the activities of the participating entity under this section during the period covered by the report, including— (i) the result of any audit conducted by the participating entity under subparagraph (A); and (ii) a review of the effectiveness of the State or Tribal government loan fund of the participating entity with respect to— (I) the intended use plans of the participating entity; and (II) meeting the objectives described in subsection (b)(1). (4) Oversight In conducting oversight with respect to State or Tribal government 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 or Tribal government 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 entity with respect to the administration of the State or Tribal government loan fund of the participating entity