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Program. The Agency shall, upon expiration or termination of this HOME <br /> Agreement, transfer to the County: <br /> 1. Any HOME funds and Program Income on hand at the time of such <br /> expiration or termination; and <br /> 2. Its rights in any accounts receivable attributable to the use of HOME funds. <br /> F. Program Income <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 2017 Program Income"), and derived from activities <br /> assisted with prior year HOME funds which are included in this HOME <br /> Agreement (2017 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 /> 2017 Program Income and 2017 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 /> 2. All 2017 Program Income and Post 2017 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 /> 3. 2017 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 2017 Program Income <br /> must be committed to loan activities prior to committing 2018 HOME funds <br /> to loan activities. If 2017 Program Income and 2018 HOME funds are <br /> committed to the same loan activity, the 2017 Program Income funds must <br /> be disbursed first. <br /> 4. In accordance with 24 CFR 92.254, Post 2017 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 2017 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 <br /> Exhibit A <br /> HCS-19-42-1801-198 <br /> City of Everett <br /> Page 17 of 24 <br />