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6. Proceeds from the sale of loans made with EZ funds; <br />7. Proceeds from the sale of obligations secured by loans made with EZ <br />funds; <br />8. Interest earned on funds held in a revolving fund account; <br />9. Funds collected through special assessments made against <br />properties owned and occupied by households not of low and moderate <br />income, where such assessments are used to recover all or part of the EZ <br />portion of a public improvement. <br />C. Program income does not include income on grant advances from the U.S. <br />Treasury. The following items of income earned on grant advances must be <br />remitted to HUD for transmittal to the U.S. Treasury. <br />1. Interest earned from the investment of the initial proceeds of a grant <br />advance by the U.S. Treasury; <br />2. Interest earned on loans or other forms of assistance provided with <br />EZ funds that are used for activities determined by HUD either to be <br />ineligible or to fail to meet a national objective or other federal criteria. <br />3. Interest earned on the investment of amounts reimbursed to the EZ <br />program account prior to the use of the reimbursed funds for eligible <br />purposes. <br />D. The receipt of program income (as defined in Paragraph III.A. hereinabove) <br />by SUBRECIPIENT in the operation of said program shall be recorded by <br />SUBRECIPIENT and reported to CITY. <br />E. Program income received by SUBRECIPIENT shall be returned to CITY <br />unless otherwise provided for in this Agreement. <br />IV. NONDISCRIMINATION <br />SUBRECIPIENT agrees that no person on the ground of race, color, national origin, <br />religion or sex will be excluded from participation in, be denied the benefits of, or be <br />subjected to discrimination under any program or activity funded in whole or in part with EZ <br />funds. <br />Page 6 of 13 <br />