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FULL_AGENDA_2020-12-01
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FULL_AGENDA_2020-12-01
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12/14/2020 11:35:01 AM
Creation date
12/1/2020 9:31:09 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Date
12/1/2020
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■ Family's self -certification of amount received and of the likelihood of <br />support payments being received in the future, or that support payments <br />are not being received. <br />■ A separation or settlement agreement or a divorce decree stating amount <br />and type of support and payment schedules <br />7-III.E. ASSETS AND INCOME FROM ASSETS <br />Assets Disposed of for Less than Fair Market Value <br />The family must certify whether any assets have been disposed of for less than fair market value <br />in the preceding two years. SAHA needs to verify only those certifications that warrant <br />documentation [HCV GB, p. 5-28]. <br />SAHA Policy <br />SAHA will verify the value of assets disposed of only if the amount reported by the <br />family in the reexamination appears obviously in error on its market value. <br />Example 1: An elderly participant reported a $10,000 certificate of deposit at the last <br />annual reexamination and SAHA verified this amount. Now the person reports that she <br />has given this $10,000 to her son. SAHA has a reasonable estimate of the value of the <br />asset; therefore, re -verification of the value of the asset is not necessary. <br />Example 2: A family member has disposed of its 1/4 share of real property located in a <br />desirable area and has valued her share at approximately 5,000. Based upon market <br />conditions, this declaration does not seem realistic. Therefore, SAHA will verify the <br />value of this asset. <br />7-IILF. NET INCOME FROM RENTAL PROPERTY <br />SAHA Policy <br />The family must provide: <br />• A current executed lease for the property that shows the rental amount or certification <br />from the current tenant. <br />• A self -certification from the family members engaged in the rental of property <br />providing an estimate of expenses for the coming year and the most recent IRS Form <br />1040 with Schedule E (Rental Income). If Schedule E was not prepared, SAHA will <br />require the family members involved in the rental of property to provide a self - <br />certification of income and expenses for the previous year and may request <br />documentation to support the statement including: tax statements, insurance invoices, <br />bills for reasonable maintenance and utilities, and bank statements or amortization <br />schedules showing monthly interest expense. <br />4-23 <br />
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