[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR570.426]

[Page 95]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 570_COMMUNITY DEVELOPMENT BLOCK GRANTS--Table of Contents
 
           Subpart F_ Small Cities and Insular Areas Programs
 
Sec. 570.426  Program income.

    (a) The provisions of Sec. 570.504(b) apply to all program income 
generated by a specific grant and received prior to grant closeout.
    (b) If the unit of general local government has another ongoing CDBG 
grant at the time of closeout, the program income will be considered to 
be program income of the ongoing grant. The grantee can choose which 
grant to credit the program income to if it has multiple open CDBG 
grants.
    (c) If the unit of general local government has no open ongoing CDBG 
grant at the time of closeout, program income of the unit of general 
local government or its subrecipients which amounts to less than $25,000 
per year will not be considered to be program income unless needed to 
repay a Section 108 guaranteed loan. When more than $25,000 of program 
income is generated from one or more closed out grants in a year after 
closeout, the entire amount of the program income is subject to the 
requirements of this part. This will be a subject of the closeout 
agreement described in Sec. 570.509(c).