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Personal Property <br />Personal property held as an investment, such as gems, jewelry, coin collections, antique cars, <br />etc., is considered an asset [HCV GB, p. 5-25]. <br />SAHA Policy <br />In determining the value of personal property held as an investment, SAHA will use the <br />family’s estimate of the value. However, SAHA also may obtain an appraisal to confirm <br />the value of the asset. The family must cooperate with the appraiser, but cannot be <br />charged any costs related to the appraisal. <br />Generally, personal property held as an investment generates no income until it is <br />disposed of. If regular income is generated (e.g., income from renting the personal <br />property), the amount that is expected to be earned in the coming year is counted as <br />actual income from the asset. <br />SAHA will consider limited access to an asset as having no access. <br />Necessary items of personal property are not considered assets [24 CFR 5.603(b)]. <br />SAHA Policy <br />Necessary personal property consists of only those items not held as an investment, and <br />may include clothing, furniture, household furnishings, jewelry, and vehicles, including <br />those specially equipped for persons with disabilities. <br />Life Insurance <br />The cash value of a life insurance policy available to a family member before death, such as a <br />whole life or universal life policy, is included in the calculation of the value of the family’s <br />assets [HCV GB 5-25]. The cash value is the surrender value. If such a policy earns dividends or <br />interest that the family could elect to receive, the anticipated amount of dividends or interest is <br />counted as income from the asset whether or not the family actually receives it. <br />EXHIBIT 1