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H. Program Income and Recaptured Funds <br /> Subject to provisions in the following paragraphs, (2) through (5), all Program <br /> Income derived from activities assisted with HOME or ADDI funds provided <br /> under this Agreement may be retained by the Agency if it is used exclusively <br /> for additional HOME or ADDI projects allowed under and subject to the terms <br /> of this Agreement. This is allowed under Sec. 92.503(a)(1) as long as it is <br /> pursuant to Agreement. <br /> 1 . Program Income is gross income, revenues and receipts of the <br /> Agency derived from activities assisted with HOME or ADDI funds under this <br /> Agreement, and is fully defined at 24 CFR § 92.2. Program Income includes funds <br /> Recaptured pursuant to 24 CFR § 92.254, and also includes income from activities <br /> funded with Program Income, with Recaptured funds, or with Matching funds (as that <br /> term is defined at 24 CFR § 92.220). Subject to provisions in the following <br /> paragraphs (2) through (5), all Program Income derived from activities assisted with <br /> HOME or ADDI funds provided under this Agreement may be retained by the Agency <br /> if it is used exclusively for additional HOME or ADDI projects allowed under, and <br /> subject to the terms of, this Agreement. Any such Program Income which the <br /> Agency elects not to retain for such use shall be remitted to the City. <br /> 2. All HOME and ADDI Program Income received by the Agency, <br /> from this Project and any other HOME and ADDI assisted programs or projects, shall <br /> be deposited in a single, separate HOME Program Income account ("the Agency <br /> account"). The Agency shall record and maintain cumulative records of the original <br /> source (the HOME or ADDI project) of each deposit to the Agency account, and the <br /> HOME or ADDI project receiving each disbursement from the Agency account. Any <br /> balance on hand in the Agency account must be disbursed for eligible costs under <br /> any HOME or ADDI project of the Agency before the Agency may withdraw HOME or <br /> ADDI funds from the City for this or any other HOME or ADDI project. When this <br /> operation results in an unintended transfer of funding resources from one program or <br /> project to another, the Agency may request the City to execute compensating, <br /> offsetting amendments to the respective HOME or ADDI award amounts, if the <br /> respective HOME and ADDI agreements have not been terminated or closed. If the <br /> respective HOME and ADDI agreements have been terminated or closed, the <br /> Agency may remit Program Income to the City and request that the City execute a <br /> corresponding new award. <br /> 3. The Agency shall submit a quarterly report, in the form of <br /> Attachment I, of Program Income receipts to and disbursements from the Agency <br /> account. The Agency shall also maintain records sufficient to allow it to estimate, as <br /> accurately as is feasible, the total amount of HOME and ADDI Program Income that <br /> will be received from all of the Agency's HOME and ADDI assisted activities during <br /> HOME and ADDI Agreement between 3 1 <br /> City of Everett and HomeSight <br /> 16 <br />