Page 141

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

141 h. When the applicant alleges that the sale of real property would cause undue hardship to the co-owner due to loss of housing, all of the following information must be obtained: i) The applicant or client's signed statement to that effect. ii) Verification of joint ownership. iii) A statement from the co-owner verifying the following: 1) The property is used as his principal place of residence. 2) The co-owner would have to move if the property were sold. 3) The co-owner would be unable to buy the applicant or client's interest in the property. 4) There is no other readily available residence because there is no other affordable housing available or no other housing with the necessary modifications for the co-owner if he is a person with disabilities. i. Personal property such as a mobile home or trailer or the like, that is not exempt as a principal place of residence or that is not income producing. j. Personal effects acquired or held for their value or as an investment. Such items can include but are not limited to: gems, jewelry that is not worn or held for family significance, or collectibles. k. The equity value of all automobiles that are in addition to one exempt vehicle. l. The cash surrender value of all life insurance policies owned by an individual and spouse is counted if the total face value of all the policies combined exceeds $1,500 on any person. m. Promissory notes established before April 1, 2006 are treated as follows: i) The fair market value of a promissory note, mortgage, installment contract or similar instrument is an available countable resource.

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Page 141

Official source

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

141 h. When the applicant alleges that the sale of real property would cause undue hardship to the co-owner due to loss of housing, all of the following information must be obtained: i) The applicant or client's signed statement to that effect. ii) Verification of joint ownership. iii) A statement from the co-owner verifying the following: 1) The property is used as his principal place of residence. 2) The co-owner would have to move if the property were sold. 3) The co-owner would be unable to buy the applicant or client's interest in the property. 4) There is no other readily available residence because there is no other affordable housing available or no other housing with the necessary modifications for the co-owner if he is a person with disabilities. i. Personal property such as a mobile home or trailer or the like, that is not exempt as a principal place of residence or that is not income producing. j. Personal effects acquired or held for their value or as an investment. Such items can include but are not limited to: gems, jewelry that is not worn or held for family significance, or collectibles. k. The equity value of all automobiles that are in addition to one exempt vehicle. l. The cash surrender value of all life insurance policies owned by an individual and spouse is counted if the total face value of all the policies combined exceeds $1,500 on any person. m. Promissory notes established before April 1, 2006 are treated as follows: i) The fair market value of a promissory note, mortgage, installment contract or similar instrument is an available countable resource.