N.M. Admin. Code § 2.110.2.22

Current through Register Vol. 36, No. 1, January 14, 2025

Section 2.110.2.22 - PROGRAM INCOME

A. Grantees must pay CDBG program income to the state, except that grantees will be permitted to retain program income only if they always use the income for CDBG eligible activities upon council approval of a program income utilization plan.

B. Program income received by the state will be placed in the economic development category.

C. Program income retained by grantees shall be used to fund CDBG eligible activities and must meet CDBG requirements.

N.M. Admin. Code § 2.110.2.22

2.110.2.22 NMAC - Rp 2 NMAC 110.2.22, 08-30-01, Adopted by New Mexico Register, Volume XXVI, Issue 12, June 30, 2015, eff. 6/5/2015, Adopted by New Mexico Register, Volume XXVII, Issue 21, November 15, 2016, eff. 11/15/2016