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7 <br /> c) A check will be drawn by the County for eligible HOME activity <br /> needs within fifteen (15) calendar days of receiving the <br /> requested HUD funds from the U.S. Treasury and will be <br /> promptly forwarded to the Agency staff contact person for <br /> disbursal. <br /> d) Within 90 days of the final Request for Payment, the Agency <br /> staff will prepare the HOME activity Completion Report and <br /> forward it to the County. <br /> e) If activities are canceled or overpayments are made, funds must <br /> be returned to Snohomish County. <br /> f) Disbursements shall be limited to allowable costs and will not <br /> occur unless proper documentation is provided. Payments may <br /> be withheld if proper documentation is not provided. <br /> 2. Other Adjustments. <br /> Subject to the notice provisions of Section III.B. of this Agreement, the County <br /> reserves the right to reduce the amount of this Agreement Budget if the Agency <br /> is not undertaking the HOME activity at a level consistent with the terms and <br /> conditions of this Agreement. <br /> 3. Reversion of Assets • <br /> Except as provided in the following section, upon expiration of this Agreement, <br /> the Agency must transfer to the County any HOME funds on hand at the time of <br /> expiration and any accounts receivable attributable to the use of HOME funds. <br /> 4. Program Income <br /> Home funds either in the form of program income as defined at 24 CFR 92.2 or <br /> HOME funds recaptured in accordance with 24 CFR 92.254(a)(5)(ii) will be <br /> retained by the Agency in its role as HOME Consortium Partner in accordance <br /> with the HOME regulations found at 24 CFR 92.503. <br /> a) Program Income. <br /> Program income, defined at 24 CFR 92.2, means gross income <br /> received by the Agency which is directly generated from the use <br /> of HOME funds (including HOME program income) and <br /> matching contributions. When program income is generated by <br /> housing that is only partially assisted with HOME funds or <br /> matching funds, the income shall be prorated to reflect the <br /> percentage of HOME funds or match used. Any program <br /> income received by the Agency will be deposited in a separate <br /> account for use in funding additional HOME activities <br /> undertaken by the Agency in conformance with HOME <br /> regulations and the HOME statute. The separate account may <br /> be interest bearing and any interest earned on the account also <br /> constitutes program income and may be retained by the Agency <br /> for eligible HOME activity costs. Funds in the program income <br /> account must be disbursed before drawdown requests are <br /> 6 <br /> `t"1 <br />