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c) Current Market Value (CMV). This is the amount for which something can be purchased locally on the open market.
1) Depending on the type of support and maintenance received, the determination of the CMV may be based on various factors such as the assessed value from a knowledgeable source, property owner’s statement, and the individual’s payment.
d) Actual Value (AV). The current market value is divided by the number of people receiving support and maintenance minus any payment made out of an individual’s own funds. If he makes no payment, AV and CMV may be the same amount.
e) Presumed Maximum Value (PMV). This is an amount equivalent to one-third of the applicable Federal Benefit Rate (FBR) plus $20.
1) The PMV rules apply to in-kind support and maintenance that is countable as unearned income. The PMV never applies to earned income.
2) Use of the PMV in determining an individual’s countable income is rebuttable by the individual’s showing that the AV of the in-kind support and maintenance he receives is less than the PMV.
(a) The lower of these two figures is always used, but never an amount in excess of the PMV, regardless of the number of sources of such income or the variety of living arrangements during any one given period.
3) PMV is not used to determine the value of ISM for individuals in FPL or institutional categories.
f) ISM is counted as income in the month in which the individual has use of the food or shelter item, with the exception that a third party vendor payment received as a gift is income in the month in which the payment is made.
Source: Social Security Act §1902 (r)(2); 42 CFR § 435.601(b) (Rev 1994).
Rule 10.5: In-Kind Items Received as Remuneration for Employment (SSI Categories Only).
A. In-kind items may be provided as remuneration for employment, as follows:
1. Wages may include the value of food and/or shelter (ISM), or other items received in lieu of cash for individuals in SSI-related categories only.
2. In-kind payment of food or shelter to the following people or under the following conditions is unearned income:
a) Agricultural employees;