New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 110 - LOCAL GOVERNMENT GRANTS
Part 2 - SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT
Section 2.110.2.22 - PROGRAM INCOME
Universal Citation: 2 NM Admin Code 2.110.2.22
Current through Register Vol. 35, No. 18, September 24, 2024
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.
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