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that such expenses have been incurred within the scope of this <br />agreement and that SUBRECIPIENT is in compliance with the terms and <br />conditions of this agreement. <br />B. CITY shall include an audit of the account <br />maintained by SUBRECIPIENT pursuant to Paragraph I.E. hereinabove <br />in CITY's annual audit of all CDBG funds pursuant to federal <br />regulations found in Title 24 of the Code of Federal Regulations <br />and other applicable federal laws and regulations. <br />III PROGRAM INCOME <br />A. "Program income," as defined at 24 CFR 570.500(a), <br />means gross income received by the SUBRECIPIENT directly generated <br />from the use of CDBG funds. When such income is generated by an <br />activity that is only partially assisted with CDBG funds, the <br />income shall be prorated to reflect the percentage of CDBG funds <br />used. <br />fallowing: <br />B. Program income includes, but is not limited to the <br />1. Proceeds from the disposition by sale or long term <br />lease of real property purchase or improved with <br />CDBG funds; <br />2. Proceeds from the disposition of equipment <br />purchased with CDBG funds; <br />3. Gross income from the use or rental of real or <br />personal property acquired by the SUBRECIPIENT with <br />CDBG funds, less the costs incidental to the <br />generation of such income; <br />Page 10 of 21 Pages <br />