Common use of Program Property Clause in Contracts

Program Property. Program Receipts, including funds held by a depository institution, and the rights or interests of a Public Housing Agency under a Housing Assistance Payments Contract for Covered Units. PROGRAM RECEIPTS. Administrative Fees and Housing Assistance Payments funds paid by the United States Department of Housing and Urban Development to the Public Housing Agency under the Performance-Based Annual Contributions Contract, and interest earned on Housing Assistance Payments funds in connection with the administration of the Section 8 program under the Performance-Based Annual Contributions Contract. PUBLIC HOUSING AGENCY (PHA). The entity, as defined in section 3(b)(6)(A) of the United States Housing Act of 1937, that has entered into the Performance-Based Annual Contributions Contract with the United States Department of Housing and Urban Development.