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Title 7: SNAP Page 12 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Excluded Resources Revised September 27, 2024 Inaccessible Resources Indian Tribal Judgment Funds (Cont.) ▪ Payments received by the Confederated Tribes and Bands of the Yakim Indian Nation and the Apache Tribe of the Mescalero Reservation from the Indian Claims Commission (Public Law 95-433, Section 2).
▪ Payments to the Passamaguoddy Tribe and the Penobscot Nation or any of their members pursuant to the Maine Indian Claims Settlement Act of 1980 (Public Law 96-420, Section 5).
Exclude payments of $2,000 or less for each household member per payment per calendar year. Exempt payments of any amount that is placed in an inaccessible trust.
Totally exclude from resources, purchases of $2,000 or less made solely with funds distributed after December 31, 1981, but before January 12, 1983 (P.L. 93-134, P.L. 97-458 and P.L. 98-64). Individual Development Accounts (IDA) P.L. 104-193, P.L. 105-285, P.L. 106-554. Exclude funds in an IDA account. An IDA is an optional, interest-bearing account much like an IRA (but it is not a pension plan). IDAs encourage clients to save for long term goals without the savings affecting eligibility or benefit amount. IDAs are established and managed by DHS-approved organizations. IDAs are opened in financial institutions and are set up in an individual’s name. Any Iowan whose family income is below 200% of the federal poverty level and who lives in an area where there is an IDA project can open an IDA. Installment Sales Contracts 7 CFR 273.8(e)(6) Exclude the value of installment contracts for land or buildings sold at a price consistent with the fair market value of the property. Leased Vehicles 7 CFR 273.8(e) A leased vehicle is not a resource to a household during the period of the contract, even if part of the lease payments are applied to the principal. Consider as a resource only any gain or benefit that is realized by a household at the end of the lease contract. Life Insurance Policy’s Cash Value 7 CFR 273.8(e)(2) Exclude the cash value of a life insurance policy.