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<br />e <br /> <br />e <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 FEZ funds; <br />2. Proceeds from the disposition of equipment purchased with FEZ <br />funds. <br />3. Gross income from the use or rental of real or personal property <br />acquired by the SUBRECIPIENT with FEZ funds, less the costs <br />incidental to the generation of such income; <br />4. Gross income from the use or rental of real property owned by the <br />SUBRECIPIENT that was constructed or improved with FEZ funds, <br />less the costs incidental to the generation of such income; <br />5. Payments of principal and interest on loans made using FEZ funds; <br />6. Proceeds from the sale of loans made with FEZ funds; <br />7. Proceeds from the sale of obligations secured by loans made with <br />FEZ funds; <br />8. Interest eamed 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 <br />moderate income, where such assessments are used to recover all <br />or part of the FEZ portion of a public improvement. <br /> <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 /> <br />1. Interest earned from the investment of the initial proceeds of a grant <br />advance by the U.S. Treasury; <br /> <br />2. Interest earned on loans or other forms of assistance provided with <br />FEZ 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 /> <br />3. Interest earned on the investment of amounts reimbursed to the FEZ <br />program account prior to the use of the reimbursed funds for eligible <br />purposes. <br /> <br />D. The receipt of program income (as defined in Paragraph 1I1.A. hereinabove) <br />by SUBRECIPIENT in the operation of said program shall be recorded by <br />SUBRECIPIENT and reported to SAEC. <br /> <br />E. Program income received by SUBRECIPIENT shall be returned to SAEC <br />unless otherwise provided for in this Agreement. <br /> <br />Page 6 of 13 <br />