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04 040113 HA ADMINPLAN EX 2
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04 040113 HA ADMINPLAN EX 2
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3/28/2013 10:01:24 AM
Creation date
3/28/2013 9:36:46 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Date
4/1/2013
Destruction Year
2018
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6-I.G. ASSETS [24 CFR 5.609(b)(3) and 24 CFR 5.603(b)] <br />Overview <br />There is no asset limitation for participation in the HCV program. However, HUD requires that <br />SARA include in annual income the "interest, dividends, and other net income of any kind from <br />real or personal property" [24 CFR 5.609(b)(3)]. This section discusses how the income from <br />various types of assets is determined. For most types of assets, SARA must determine the value <br />of the asset in order to compute income from the asset. Therefore, for each asset type, this <br />section discusses: <br />• How the value of the asset will be determined <br />• How income from the asset will be calculated <br />Exhibit 6-1 provides the regulatory requirements for calculating income from assets [24 CFR <br />5.609(b)(3)], and Exhibit 6-3 provides the regulatory definition of net family assets. This section <br />begins with a discussion of general policies related to assets and then provides HUD rules and <br />PHA policies related to each type of asset. <br />General Policies <br />Income from Assets <br />SARA generally will use current circumstances to determine both the value of an asset and the <br />anticipated income from the asset. As is true for all sources of income, HUD authorizes SARA to <br />use other than current circumstances to anticipate income when (1) an imminent change in <br />circumstances is expected (2) it is not feasible to anticipate a level of income over 12 months or <br />(3) SARA believes that past income is the best indicator of anticipated income. For example, if a <br />family member owns real property that typically receives rental income but the property is <br />currently vacant, SARA can take into consideration past rental income along with the prospects <br />of obtaining a new tenant. <br />Anytime current circumstances are not used to determine asset income, a clear rationale for the <br />decision will be documented in the file. In such cases the family may present information and <br />documentation to SARA to show why the asset income determination does not represent the <br />family's anticipated asset income. <br />Valuing Assets <br />The calculation of asset income sometimes requires SARA to make a distinction between an <br />asset's market value and its cash value. <br />• The market value of an asset is its worth (e.g., the amount a buyer would pay for real estate <br />or the balance in an investment account). <br />• The cash value of an asset is its market value less all reasonable amounts that would be <br />incurred when converting the asset to cash. <br />Reasonable costs that would be incurred when disposing of an asset include, but are not limited <br />to, penalties for premature withdrawal, broker and legal fees, and settlement costs incurred in <br />real estate transactions [HCV GB, p. 5-28]. <br />2/25/13 Page 6-11 <br />
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