MINNIE STREET LEARNING CENTER - Laserfiche WebLink

Home Browse Search

Ill. PROGRAM INCOME A. "Program income," as defined at 24 CFR 570.500(a), means gross income received by the SUBRECIPIENT directly generated from the use of CDBG funds, except as provided below in Paragraph iII.C. When such income is generated by an activity that is only partially assisted with CDBG funds, the income shall be prorated to reflect the percentage of CDBG funds used. B. Program income includes, but is not limited to the following: �. Proceeds from the disposition by sale or long term lease of real property purchase or improved with CDBG funds; 2. Proceeds from the disposition of equipment purchased with CDBG funds, except as provided in 24 CFR 570.500(a)(3). 3. Gross income from the use or rental of real or personal property acquired by the SUBRECIPIENT with CDBG funds, less the costs incidental to the generation of such income; 4. Gross income from the use or rental of real property owned by the SUBRECIPIENT that was constructed or improved with CDBG funds, less the costs incidental to the generation of such income; 5. Payments of principal and interest on loans made using CDBG funds; 6. Proceeds from the sale of loans made with CDBG funds; CDBG funds; 7. Proceeds from the sale of obligations secured by loans made with 8. Interest earned on funds held in a revolving fund account; 9. Funds collected through special assessments made against properties owned and occupied by households not of low and moderate income, where such assessments are used to recover all or part of the CDBG portion of a public improvement. C. Program income does not include income earned (except for interest described in 24 CFR 570.513) on grant advances from the U.S. Treasury. The following items of income earned on grant advances must be remitted to HUD for transmittal to the U.S. Treasury, and will not be reallocated under section 106(c) or (d) of the ACT: Page 6 of 14