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• Installment contracts for the sale of land or buildings (if the contract or agreement is producing income consistent with its market value) are exempt. The value of the property sold under the installment contract or held as security in exchange for a purchase price consistent with the fair market value of that property is also exempt. 2620.20.00 TREATMENT OF NON-EXEMPT REAL PROPERTY

Real property that is not classified as exempt is taken into consideration in the resource eligibility determination. Non-exempt real property must be considered under the requirements of each assistance program as explained in the following passages. 2620.20.05 COUNTING NON-EXEMPT REAL PROPERTY (S)

The equity value (fair market value minus liens) of nonexempt real property is to be counted as a resource.

However, real property that the AG is making a good faith effort to sell at a reasonable price is exempt as a resource. The eligibility worker 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. 2620.20.15 EXEMPTION OF REAL PROPERTY (C)

The equity value of any real property other than the home is a resource and must be counted toward the resource limitation. If the AG has excess resources due to the equity value of non- exempt real property, the property can be exempted for one six-month period if the owner is willing to offer it for sale and agrees to repay Cash Assistance received during the period that the property is exempted. • If the applicant/recipient is unwilling to offer the property for sale, the case is to be denied/discontinued due to excess resources. • If the applicant/recipient chooses to comply, or if the property is already up for sale, State Form 37588/FI-0118, Agreement to Offer Property for Sale and Repay Public Assistance, must be signed. The signature on the form must be witnessed by an eligibility worker. The date that the agreement was signed must be entered in the eligibility system. • State Form 37588/FI-0118 is a twofold agreement. First, the owner of the property must agree to offer it for sale. Second, there is an agreement to repay assistance that was received during the disposal period.

Assistance can be awarded upon the signing of the Form 118 if all other eligibility factors are met. The property must be offered for sale within 30 days of the date the Local Office mails the notice of eligibility or of the date the Form 118 is signed, whichever is later.

The eligibility system will monitor the 30-day period that is allowed to actually offer the property for sale or rent and will issue an alert. The owner must list the property with a realtor or place a sign in a conspicuous location on the property. The sign must clearly indicate the property is for