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Chapter: 1600 Assets Program: MSSI, SFP 40

1. Luxury cars (for example, Jaguar, Mercedes Benz, Cadillac, Lincoln, Corvette); 2. Automobiles or trucks that are 25 model years or older (because they may have value as classics or antique vehicles); or 3. Customized or specially modified automobiles, except for those modified for use by a handicapped person. 1640.0592 Verification of Vehicle Value (MSSI, SFP) Information containing the name(s) of the owner(s), make, model, and year of the vehicle is required for all vehicles. The amount of indebtedness is required on all included vehicles.

Sources of documentation include:

1. title, 2. tag registration, 3. Department of Motor Vehicle records, 4. purchase contract, 5. payment schedule, or 6. lien holder.

Use the average trade-in value listed in the National Automobile Dealers’ Association (NADA) book with no adjustments for any special equipment as fair market value in determining equity value (fair market value minus indebtedness).

If a vehicle is not listed in the Southeastern Edition, National Automobile Dealers’ Association (NADA) book, the Official Used Car Guide or the NADA Older Car Guide, the individual must obtain an appraisal or produce other evidence of the vehicle’s value, such as a tax assessment or a newspaper advertisement indicating the amount for which like vehicles are being sold. 1640.0593 Assets Excluded by Federal Law (MSSI, SFP) Items excluded by federal law as income are also excluded as assets. These items include, but are not limited to the following:

1. Payments to a natural child of a Vietnam veteran born with spina bifida, except spina bifida occulta, as a result of the exposure of one or both parents to Agent Orange (P.L. 104-204).

2. Payments to a natural child of a woman Vietnam veteran born with one or more birth defects resulting in permanent physical or mental disability (P.L. 106-419).

3. Lump sum SSI, Social Security, are excluded for nine consecutive calendar months following the month of receipt or until funds are spent, whichever occurs first. This exclusion applies only to the extent that funds are kept separate and identifiable from other assets. Federal income tax returns, including refundable tax credits (EITC and Child Tax Credit) and over-withholding (tax refunds) are excluded as income and assets in the month of receipt and will continue to be excluded as an asset for 12 months from the date of receipt.

4. Value of any assistance paid with respect to a dwelling unit under the U.S. Housing Act of 1937, as amended; the National Housing Act; Section 101 of the HUD Act of 1965; or Title V of the Housing Act of 1949.

5. Disaster assistance payments (P.L. 100-707). This exclusion applies to federal disaster assistance and comparable state or local assistance.