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. Administrative Plan 4/1/16 <br />. <br />Page 6-14 <br />• SAHA must review its passbook rate annually to ensure that it remains within 0.75 percent of <br />the national average. <br />SAHA Policy <br />SAHA will initially set the imputed asset passbook rate at the national rate established by <br />the Federal Deposit Insurance Corporation (FDIC). <br />SAHA will review the passbook rate annually on or about October 1st. The rate will not <br />be adjusted unless the current SAHA rate is no longer within 0.75 percent of the national <br />rate. If it is no longer within the 0.75 percent of the national rate, the passbook rate will <br />be set at the current national rate. Any adjustments will be effective January 1st of each <br />year. <br />Determining Actual Anticipated Income from Assets <br />It may or may not be necessary for SAHA to use the value of an asset to compute the actual <br />anticipated income from the asset. When the value is required to compute the anticipated income <br />from an asset, the market value of the asset is used. For example, if the asset is a property for <br />which a family receives rental income, the anticipated income is determined by annualizing the <br />actual monthly rental amount received for the property; it is not based on the property’s market <br />value. However, if the asset is a savings account, the anticipated income is determined by <br />multiplying the market value of the account by the interest rate on the account. <br />Withdrawal of Cash or Liquidation of Investments <br />Any withdrawal of cash or assets from an investment will be included in income except to the <br />extent that the withdrawal reimburses amounts invested by the family. For example, when a <br />family member retires, the amount received by the family from a retirement investment plan is <br />not counted as income until the family has received payments equal to the amount the family <br />member deposited into the retirement investment plan. <br />Jointly Owned Assets <br />The regulation at 24 CFR 5.609(a)(4) specifies that annual income includes “amounts derived <br />(during the 12-month period) from assets to which any member of the family has access.” <br />SAHA Policy <br />If an asset is owned by more than one person and any family member has unrestricted <br />access to the asset, SAHA will count the full value of the asset. A family member has <br />unrestricted access to an asset when he or she can legally dispose of the asset without the <br />consent of any of the other owners. <br /> <br />3-142