Page 9

2605.20.10 RESOURCE ELIGIBILITY (C)

The resource eligibility determination is based on resources owned as of the first day of a month. The first day of the month means the first moment of the first day. Therefore, a financial transaction occurring on the first day does not affect the first of the month resource amount.

Resources must be verified as of the first day of the month of application. For the budget month, verification of the most current value of resources must be obtained. The value is then used to project resource eligibility for the following month. 2605.25.00 DETERMINING RESOURCE VALUE

The value of a resource must be determined in order to establish the amount that must be counted toward the resource limit. With a few exceptions, the amount of any resource to be counted is the equity value. Equity value is the current fair market value minus the total amount of liens against the property. (f1)

The exceptions to this procedure are vehicles (Section 2605.25.05) and, in certain instances, real property (Section 2605.25.10). 2605.25.05 VEHICLE VALUATIONS

The fair market value of a vehicle is the lowest "wholesale" value as listed in publications written for the purpose of providing guidance to automobile dealers and loan companies. The National Automobile Dealers Association's (NADA) used car guidebook, or the Red Book published by National Market Reports, Inc. may be used. If these publications are not available, any publication which provides guidance to automobile dealers and loan companies may be used provided they have been updated within the last six months. If the applicant/recipient disputes the "book value" a written statement must be obtained from a licensed automobile dealer.

The AG should be asked to acquire verification of the value of antique, custom made, or classic vehicles, if the eligibility worker is unable to make an accurate appraisal.

If a vehicle is especially equipped with apparatus for the handicapped, the book value is to be assigned as if the vehicle were not so equipped.

If a vehicle is no longer listed in a book due to the age of the vehicle, the AG's estimate of the value of vehicle is to be accepted. If there is reason to believe that the estimate is incorrect, then a written statement must be obtained from a licensed automobile dealer.

Vehicle verification must include verification of the following: • ownership; • License status; • fair market value and • amount owed.