[Code of Federal Regulations]

[Title 24, Volume 4]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR1000.62]



[Page 742-743]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 

               DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 1000_NATIVE AMERICAN HOUSING ACTIVITIES--Table of Contents

 

                            Subpart A_General

 

Sec.  1000.62  What is considered program income and what restrictions 

are there on its use?



    (a) Program income is defined as any income that is realized from 

the disbursement of grant amounts. Program income does not include any 

amounts generated from the operation of 1937 Act units unless the units 

are assisted with grant amounts and the income is attributable to such 

assistance. Program income includes income from fees for services 

performed from the use of real or rental of real or personal property 

acquired with grant funds, from the sale of commodities or items 

developed, acquired, etc. with grant funds, and from payments of 

principal and interest earned on grant funds prior to disbursement.



[[Page 743]]



    (b) Any program income can be retained by a recipient provided it is 

used for affordable housing activities in accordance with section 202 of 

NAHASDA. If the amount of income received in a single year by a 

recipient and all its subrecipients, which would otherwise be considered 

program income, does not exceed $25,000, such funds may be retained but 

will not be considered to be or treated as program income.

    (c) If program income is realized from an eligible activity funded 

with both grant funds as well as other funds (i.e., funds that are not 

grant funds), then the amount of program income realized will be based 

on a percentage calculation that represents the proportional share of 

funds provided for the activity generating the program income.

    (d) Costs incident to the generation of program income shall be 

deducted from gross income to determine program income.