Laserfiche WebLink
i <br /> 15. PROGRAM INCOME <br /> If the Subrecipient generated any program income as a result of the <br /> expenditure of CDBG funds, the provisions of 24 CFR 570.504 shall apply, as <br /> well as the following specific stipulations: <br /> A. The Subrecipient will notify the Recipient of any program income <br /> within ten (10) days of the date such program income is generated. <br /> When program income is generated by an activity only partially <br /> assisted with CDBG funds, the income shall be prorated to reflect the <br /> percentage of CDBG funds used. <br /> B. That any such program income must be paid to the Recipient by the <br /> Subrecipient as soon as practicable after such program income is <br /> generated unless the Statement of Work in Exhibit 1 specifically <br /> permits the Subrecipient to retain program income. <br /> C. The Subrecipient further recognizes that the Recipient has the <br /> responsibility for monitoring and reporting to HUD on the use of any <br /> such program income. The responsibility for appropriate recordkeeping <br /> by the Subrecipient and reporting to the Recipient by the Subrecipient <br /> on the use of such program income is hereby recognized by the <br /> Subrecipient. The Recipient agrees to provide technical assistance to <br /> the Subrecipient in establishing an appropriate and proper <br /> recordkeeping and reporting system, as required by HUD. <br /> D. That in the event of close-out or change in status of the <br /> Subrecipient, any program income that is on hand or received <br /> subsequent to the close-out or change in status shall be paid to <br /> Recipient as soon as practicable after the income is received. The <br /> Recipient agrees to notify the Subrecipient, should close-out or <br /> change in status of the Subrecipient occur. <br /> 16. USE OF REAL PROPERTY <br /> The following standards shall apply to real property under the control of <br /> the Subrecipient that was acquired or improved, in whole or in part, using <br /> CDBG funds: <br /> A. The Subrecipient shall inform the Recipient at least thirty (30) days <br /> prior to any modification or change in the use of the real property <br /> from that planned at the time of acquisition or improvements including <br /> disposition. The Subrecipient will comply with the requirements of 24 <br /> CFR 570.505 to provide affected citizens the opportunity to comment on <br /> any proposed change and to consult with affected citizens. <br /> B. The Subrecipient shall reimburse the Recipient in an amount equal to <br /> the current fair market value (less any portion thereof attributable <br /> to expenditures of non-CDBG funds) of property acquired or improved <br /> with CDBG funds that is sold or transferred for a use which does not <br /> qualify under the CDBG regulations. Said reimbursement shall be <br /> provided to the Recipient at the time of sale or transfer of the <br /> property referenced herein. Such reimbursement shall not be required <br />