Section 110.360  Program Income Subject to the Act

a)         Any program income (as defined in Section 110.220 of this Subpart) that the Department has permitted a grantee to retain and that is realized while the grantee has an open CDAP grant is subject to the requirements of the Act and 24 CFR 570.

b)         Program income retained by the grantee generated from a grant award prior to October 28, 1992 is not subject to the Act and 24 CFR 570 under the following conditions:

1)         The CDAP grant which generated the income is closed.  For purposes of this Subpart, a closed project is defined in Section 110.220 of this Subpart; and

2)         All concurrent CDAP grants are closed.

c)         Program income retained by the grantee generated from a grant awarded after October 28, 1992 is subject to the Act and 24 CFR 570.

d)         If the grantee's CDAP grant records are insufficient to determine when program income was earned in relation to close-out of the grantee's CDAP projects, those RF shall be considered subject to the Act.

e)         Regardless of when the program income is earned, the RF shall always be subject to the requirements of the approved recapture strategy and each beneficiary of funds through the RF shall benefit at least 51% low and moderate-income persons.

(Source:  Amended at 28 Ill. Reg. 13468, effective September 23, 2004)