[Code of Federal Regulations]
[Title 24, Volume 4]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR1000.62]

[Page 740]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
CHAPTER IX--OFFICE OF ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, 
 
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.
    (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.