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<br />Exhibit A-1 <br />HCS-23-42-1901-198(1) <br />City of Everett <br /> Page 17 of 24 <br />Program. The Agency shall, upon expiration or termination of this HOME <br />Agreement, transfer to the County: <br /> <br />1. Any HOME funds and Program Income on hand at the time of such <br />expiration or termination; and <br /> <br />2. Its rights in any accounts receivable attributable to the use of HOME funds. <br /> <br />F. Program Income <br /> <br />1. Program Income is gross income, revenues and receipts of the Agency <br />derived from activities assisted with HOME funds under this HOME <br />Agreement (“Post 2018 Program Income”), and derived from activities <br />assisted with prior year HOME funds which are included in this HOME <br />Agreement (2018 Program Income), as is fully defined at 24 CFR § 92.2. <br />Subject to provisions in the following paragraphs (2) through (7), all Post <br />2018 Program Income and 2018 Program Income, may be retained for use <br />by the Agency, if it used exclusively for additional eligible HOME projects <br />allowed under, and subject to the terms of, this HOME Agreement. Any such <br />Program Income which the Agency elects not to retain for such use shall be <br />remitted to the County. <br /> <br />2. All 2018 Program Income and Post 2018 Program Income received by the <br />Agency from the Project or from any other HOME-assisted programs or <br />projects shall be deposited in a single, separate HOME Program Income <br />account (“the Agency account”). The Agency shall record and maintain <br />cumulative records of the original source (the HOME Project and the HOME <br />loan) of each deposit to the Agency account, and the HOME Project and <br />HOME loan receiving each disbursement from the Agency account. <br /> <br />3. 2018 Program Income included in this Agreement shall be used by the <br />Agency solely to make additional rehabilitation loans to HOME-eligible <br />homeowners under the terms of this Agreement. All 2018 Program Income <br />must be committed to loan activities prior to committing 2019 HOME funds <br />to loan activities. If 2018 Program Income and 2019 HOME funds are <br />committed to the same loan activity, the 2018 Program Income funds must <br />be disbursed first. <br /> <br />4. In accordance with 24 CFR 92.254, Post 2018 Program Income will be <br />collected on a cumulative basis for each July 1 to June 30 program year <br />during the duration of the contract. At the end of each program year, the <br />program income collected during that year will be allocated in the County’s <br />action plan for the following year. Post 2018 Program Income shall not be <br />available for immediate use upon receipt; it must first be reported on a <br />cumulative basis during the program year, included in the following year’s