[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR1006.340]

[Page 819]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 1006_NATIVE HAWAIIAN HOUSING BLOCK GRANT PROGRAM--Table of Contents
 
                     Subpart D_Program Requirements
 
Sec. 1006.340  Treatment of program income.

    (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 Sec. 
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 24 CFR part 85.
    (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.