5000 Resources
Resources include real and personal property (other than income). Real property consists of such assets as land, buildings, homes and life estates. Personal property consists of all property other than real estate including cash assets, vehicles, and household goods.
A household's resources at the time the household applies, and any changes in resources reported prior to the processing of the application, shall be used to determine the household's eligibility.
The value of a nonexempt resource shall be the client's equity in the resource. Equity is defined as fair market value less encumbrances.