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3 <br /> Note: At least twenty-five percent (25%) of any program income received by Everett or its <br /> subrecipient must be used to benefit persons with incomes at or below fifty percent (50%) of <br /> median household income. <br /> , Program Income Defined <br /> Federal regulation 24 CFR 570.500(a) defines NSP program income. It states program income is <br /> the gross income directly generated from the use of NSP funds. Examples of program income <br /> include: <br /> • payments of principal and interest on loans made using NSP funds, <br /> • income (net of costs that are incidental to the generation of the income) from the sale or <br /> rental of real property that has been acquired, constructed or improved with NSP funds and <br /> that is owned(in whole or in part)by the participating jurisdiction or subrecipient. <br /> General Administration (GA)Cost Limitation <br /> Everett may use up to ten percent (10%) of NSP program income received for general <br /> administrative costs. <br /> Cash Management <br /> The accounting and financial management system used to manage program income must comply <br /> ' with generally accepted accounting principles. Accounting procedures must demonstrate that <br /> Everett used NSP program income solely for NSP eligible activities. The annual financial <br /> statements must present the financial position of the program income account and the results of <br /> its operations. <br /> Note: Program income account balances must be held in a non-interest bearing account. <br /> Reporting <br /> Subrecipients will submit to Commerce an annual Program Income Report(for the calendar <br /> year)by January 22th of the following year(unless otherwise directed by Commerce). This <br /> Report will detail program income revenues and expenditures. Commerce will incorporate this <br /> program income information into the State's Annual Program Income report. <br /> Federal Overlay Compliance <br /> Everett must ensure that the use of NSP program income complies with all federal overlay <br /> requirements including,but not limited to: <br /> • citizen participation • environmental review • equal opportunity <br /> • Section 3 employment • lead-based paint • labor standards <br /> • acquisition and relocation • procurement • continued affordability <br /> • maintenance of adequate accounting&recordkeeping systems <br /> Department of Commerce Page 3 <br /> Neighborhood Stabilization Program 1 <br /> Program Income Reuse Plan <br /> 33 <br />