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04 040113 HA ADMINPLAN EX 2
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04/01/2013
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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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Types of Assets <br />Checking and Savings Accounts <br />For regular checking accounts and savings accounts, cash value has the same meaning as market <br />value. If a checking account does not bear interest, the anticipated income from the account is <br />zero. <br />In determining the value of a checking account, SARA will use the average monthly balance for <br />the last six months. <br />In determining the value of a savings account, the SARA will use the current balance. <br />In determining the anticipated income from an interest-bearing checking or savings account, <br />SARA will multiply the value of the account by the current rate of interest paid on the account. <br />Investment Accounts Such as Stocks, Bonds, Saving Certificates, and Money Market Funds <br />Interest or dividends earned by investment accounts are counted as actual income from assets <br />even when the earnings are reinvested. The cash value of such an asset is determined by <br />deducting from the market value any broker fees, penalties for early withdrawal, or other costs of <br />converting the asset to cash. <br />In determining the market value of an investment account, SARA will use the value of the <br />account on the most recent investment report. <br />How anticipated income from an investment account will be calculated depends on whether the <br />rate of return is known. For assets that are held in an investment account with a known rate of <br />return (e.g., savings certificates), asset income will be calculated based on that known rate <br />(market value multiplied by rate of earnings). When the anticipated rate of return is not known <br />(e.g., stocks), SARA will calculate asset income based on the earnings for the most recent <br />reporting period. <br />Equity in Real Property or Other Capital Investments <br />Equity (cash value) in a property or other capital asset is the estimated current market value of <br />the asset less the unpaid balance on all loans secured by the asset and reasonable costs (such as <br />broker fees) that would be incurred in selling the asset [HCV GB, p. 5-25]. <br />Equity in real property and other capital investments is considered in the calculation of asset <br />income except for the following types of assets: <br />Equity accounts in HUD homeownership programs [24 CFR5.603(b)] <br />The value of a home currently being purchased with assistance under the HCV program <br />Homeownership Option for the first 10 years after the purchase date of the home [24 CFR <br />5.603 (b)] <br />• Equity in owner-occupied cooperatives and manufactured homes in which the family lives <br />[HCV GB, p. 5-25] <br />2/25/13 Page 6-14 <br />
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