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<br />. , <br /> <br />'-' <br /> <br />'wi <br /> <br />III. PROGRAM INCOME <br /> <br />A. "Program income," as defined at 24 CFR 570.500(a), means gross income <br />received by the SUBRECIPIENT directly generated from the use of CDBG funds, except <br />as provided below in Paragraph III.C. When such income is generated by an activity that <br />is only partially assisted with CDBG funds, the income shall be prorated to reflect the <br />percentage of CDBG funds used. <br /> <br />B. Program income includes, but is not limited to the following: <br /> <br />1. Proceeds from the disposition by sale or long term lease of real <br />property purchase or improved with CDBG funds; <br /> <br />2. Proceeds from the disposition of equipment purchased with CDBG <br />funds, except as provided in 24 CFR 570.500(a)(3). <br /> <br />3. Gross income from the use or rental of real or personal property <br />acquired by the SUBRECIPIENT with CDBG funds, less the costs incidental to the <br />generation of such income; <br /> <br />4. Gross income from the use or rental of real property owned by the <br />SUBRECIPIENT that was constructed or improved with CDBG funds, less the costs <br />incidental to the generation of such income; <br /> <br />5. <br /> <br />Payments of principal and interest on loans made using CDBG funds; <br /> <br />6. <br /> <br />Proceeds from the sale of loans made with CDBG funds; <br /> <br />7. <br />CDBG funds; <br /> <br />Proceeds from the sale of obligations secured by loans made with <br /> <br />8. <br /> <br />Interest earned on funds held in a revolving fund account; <br /> <br />9. Funds collected through special assessments made against <br />properties owned and occupied by households not of low and moderate income, where <br />such assessments are used to recover all or part of the CDBG portion of a public <br />improvement. <br /> <br />C. Program income does not include income earned (except for interest <br />described in 24 CFR 570.513) on grant advances from the U.S. Treasury. The following <br />items of income earned on grant advances must be remitted to HUD for transmittal to the <br />U.S. Treasury, and will not be reallocated under section 106(c) or (d) of the ACT: <br /> <br />Page 6 of 14 <br />