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Chapter: 1600 Assets

Program: FS 8 1610.0530 Business Inventory (FS) Property of inventory related to a business or a farm operation such as business tools, farm equipment or tools, etc., is excluded as an asset. 1610.0534 Home (FS) Home property is excluded as an asset, regardless of its value, if it is the individual's principal place of residence. Only one residence can be excluded under this provision.

A home is any shelter in which the individual has an ownership interest and that is used by the individual (and spouse, if any) as the principal place of residence. The home may be either real or personal property, fixed or mobile, and located on land or water. The home includes all the land that appertains to it and the buildings located on such land. Houses, cooperative and condominium apartments, mobile homes, motor homes, and houseboats are examples of shelters which may qualify for exclusion.

Home ownership and property are discussed in passage 1610.0304, Ownership of Real Property. If the home property cannot be excluded under this home exclusion policy, refer to passage 1610.0544 if the property is income producing. 1610.0535 Home Temporarily Unoccupied (FS) If the home is temporarily unoccupied for six months or less, it continues to be excluded if the absence is due to:

1. illness, 2. casualty or natural disaster, 3. attendance of training for future employment, or 4. employment.

The AG must intend to return to the home. If at the end of six months the AG has not returned, the situation must be evaluated for continued exclusion of the home based on when the AG does plan to return and the conditions under which the AG will return. Thereafter, this will be subject to reevaluation every six months, both as to the reason for absence, and as to the temporary nature of the absence. 1610.0536 Intent to Build a Home (FS) An individual can exclude the value of a lot and a partially completed home if the individual does not already own a home; owns or is purchasing a lot with the intent to build; or is building a permanent home. 1610.0537 Good Faith Effort to Sell (FS) Property may be temporarily excluded if the individual is making a good faith effort to sell it at fair market value.

The eligibility specialist must verify that the property is for sale and that a reasonable offer has not been declined. Verification may be obtained through collateral contacts or documentation such as a listing in a newspaper or with a real estate broker.

Real property that the AG is making a good faith effort to sell at a reasonable price and that has not been sold is excluded as an asset. The eligibility specialist must verify that the property is for sale and that a reasonable offer for the property has not been refused. Verification may be obtained through a collateral contact, a newspaper ad, or a real estate broker.

This policy applies if the home cannot be excluded as the individual's principal place of residence.