[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 96]

 

                 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).