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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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Equity in real property when a family member's main occupation is real estate [HCV GB, p. <br />5-25]. This real estate is considered a business asset, and income related to this asset will be <br />calculated as described in section 6-I.F. <br />Interests in Indian Trust lands [24 CFR 5.603(b)] <br />• Real property and capital assets that are part of an active business or farming operation [HCV <br />GB, p. 5-25] <br />A family may have real property as an asset in two ways: (1) owning the property itself and (2) <br />holding a mortgage or deed of trust on the property. In the case of a property owned by a family <br />member, the anticipated asset income generally will be in the form of rent or other payment for <br />the use of the property. If the property generates no income, actual anticipated income from the <br />asset will be zero. <br />In the case of a mortgage or deed of trust held by a family member, the outstanding balance <br />(unpaid principal) is the cash value of the asset. The interest portion only of payments made to <br />the family in accordance with the terms of the mortgage or deed of trust is counted as anticipated <br />asset income. <br />In the case of capital investments owned jointly with others not living in a family's unit, a <br />prorated share of the property's cash value will be counted as an asset unless SARA determines <br />that the family receives no income from the property and is unable to sell or otherwise convert <br />the asset to cash. <br />Trusts <br />A trust is a legal arrangement generally regulated by state law in which one party (the creator or <br />grantor) transfers property to a second party (the trustee) who holds the property for the benefit <br />of one or more third parties (the beneficiaries). <br />Revocable Trusts <br />If any member of a family has the right to withdraw the funds in a trust, the value of the trust is <br />considered an asset [HCV GB, p. 5-25]. Any income earned as a result of investment of trust <br />funds is counted as actual asset income, whether the income is paid to the family or deposited in <br />the trust. <br />Irrevocable Trusts <br />Incases where a trust is not revocable by, or under the control of, any member of a family, the <br />value of the trust fund is not considered an asset. However, any income distributed to the family <br />from such a trust is counted as a periodic payment or a lump-sum receipt, as appropriate [24 CFR <br />5.603 (b)] . (Periodic payments are covered in section 6-I.H. Lump-sum receipts are discussed <br />earlier in this section.) <br />Retirement Accounts <br />Company Retirement/Pension Accounts <br />In order to correctly include or exclude as an asset any amount held in a company retirement or <br />pension account by an employed person, SARA must know whether the money is accessible <br />before retirement [HCV GB, p. 5-26]. <br />2~25~13 Page 6-15 <br />
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