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Title 7: SNAP Page 22 Iowa Department of Health and Human Services Employees’ Manual Chapter D: Resources Vehicles Revised September 27, 2024 Jointly Owned Vehicles Jointly Owned Vehicles Legal reference: 7 CFR 273.8 If a vehicle is owned by more than one person, first see Joint Ownership earlier in this chapter to decide the household’s share of the value of the vehicle. Then use the following policies to decide how much of the value of the household’s share of the vehicle is countable as a resource. When using the equity value policy, only the household’s share of the vehicle’s equity is considered. When using the fair market value policy, subtract $4,650 only once per vehicle, regardless of the number of owners. This means you first subtract $4,650 from the fair market value of the vehicle before determining the household’s share to count.

Mr. M and Ms. K get SNAP together. Ms. K is an SSI recipient. Mr. M is not. They have two cars titled in both of their names. One car is exempt. The fair market value of the remaining car is $8,600. $8,600 minus $4,650 = $3,950. The owners’ intent is that each person has equal shares of ownership in the car. $3,950 divided by 2 = $1,975. $1,975 is the amount that can be attributed as the excess fair market value towards the household’s resource limit. Transferred Resources Legal reference: 7 CFR 273.8(h) A transfer of resources may be either: ▪ Allowable or ▪ Disqualifying. Allowable Transfers Legal reference: 7 CFR 273.8(h) Allowable transfers involve resources that: ▪ Belong to a FIP or SSI recipient. ▪ Would not otherwise affect eligibility. ▪ Are sold or traded at, or near, fair market value. ▪ Are transferred between members of the same household, including ineligible aliens or disqualified persons.