Program income

Program income means gross income received by the grantee that is directly generated from the use of HTF funds. When program income is generated by housing that is only partially assisted with HTF funds, the income shall be prorated to reflect the percentage of HTF funds used. Program income includes, but is not limited to, the following:
(1) Proceeds from the disposition by sale or long-term lease of real property acquired, rehabilitated, or constructed with HTF funds;
(2) Gross income from the use or rental of real property owned by the grantee that was acquired, rehabilitated, or constructed with HTF funds, minus costs that were incidental to generation of the income; therefore, program income does not include gross income from the use, rental, or sale of real property received by the recipient, unless the funds are paid by the recipient to the grantee);
(3) Payments of principal and interest on loans made using HTF funds;
(4) Proceeds from the sale of loans made with HTF funds;
(5) Proceeds from the sale of obligations secured by loans made with HTF funds;
(6) Interest earned on program income pending its disposition; and
(7) Any other interest or return on the investment of HTF funds, as permitted under ยง 93.200(b).

Source

24 CFR § 93.2


Scoping language

None
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