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Code of Federal Regulations Title 24. Housing and Urban Development § 24.1006.340 Treatment of program income

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) Defined. Program income is income realized from the use of NHHBG funds. If gross income is used to pay costs incurred that are essential or incidental to generating the income, these costs may be deducted from gross income to determine program income. Program income includes income from fees for services performed;  from the use or rental of real or personal property acquired or assisted with NHHBG funds;  from the sale of property acquired or assisted with NHHBG funds;  from payments of principal and interest on loans made with NHHBG funds;  and from payments of interest earned on investment of NHHBG funds pursuant to § 1006.235.

(b) Authority to retain. The DHHL may retain any program income that is realized from any NHHBG funds if:

(1) That income was realized after the initial disbursement of the NHHBG funds received by the DHHL;  and

(2) The DHHL agrees to use the program income for affordable housing activities in accordance with the provisions of the Act and this part;  and

(3) The DHHL disburses program income before disbursing additional NHHBG funds in accordance with 2 CFR 200.305.

(c) Exclusion of amounts. If the amount of income received in a single fiscal year by the DHHL, which would otherwise be considered program income, does not exceed $25,000, such funds may be retained but will not be considered program income.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.1006.340 Treatment of program income - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-1006-340/

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