CDBG PROGRAM INCOME Sample Clauses
The CDBG Program Income clause defines how income generated from activities funded by the Community Development Block Grant (CDBG) program must be handled. It typically outlines the types of revenue considered as program income, such as proceeds from the sale or lease of property purchased with CDBG funds or repayments of loans made with such funds, and specifies requirements for tracking, reporting, and reusing these funds for eligible activities. This clause ensures that any income generated is properly managed and reinvested in accordance with federal regulations, thereby maximizing the impact of CDBG resources and maintaining compliance with grant requirements.
CDBG PROGRAM INCOME. Any gross income directly generated from the use of the CDBG grant funds shall be used only for those activities delineated in the Statement of Work and all relevant provisions of this Agreement shall apply to such activities. Disposition of CDBG Program Income received by the Subrecipient shall be governed by the requirements outlined in the Statement of Work, Appendix I, and in compliance with 24 CFR 570.504 (b) and (c).
CDBG PROGRAM INCOME. If specifically authorized in this agreement, Contractor may keep CDBG program income. In all cases CDBG program income must be used for CDBG eligible activities. Program income is defined at 24 CFR 570.500 as gross income that is directly generated from the use of CDBG funds. Program income includes, but is not limited to: proceeds from the disposition by sale or long-term lease of real property purchased or improved with CDBG funds; proceeds from the disposition of equipment purchased with CDBG funds; gross income from the use or rental of real or personal property acquired with CDBG funds, less costs incidental to generation of the income; and gross income from the use or rental of real property that was constructed or improved with CDBG funds, less costs incidental to generation of income. For activities funded with CDBG funds, Contractor shall comply with CDBG program income requirements at 24 CFR 570.503 and 504. Unless specifically designated otherwise by the County herein, any program income on hand when the agreement expires, or received after the agreement’s expiration, will be transferred to the County.