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N.J.A.C. 10:70-5.2 This file includes all Regulations adopted and published through the New Jersey Register, Vol. 57 No. 12, June 16, 2025 NJ - New Jersey Administrative Code > TITLE 10. HUMAN SERVICES > CHAPTER 70. MEDICALLY NEEDY PROGRAM > SUBCHAPTER 5. RESOURCE ELIGIBILITY § 10:70-5.2 AFDC-related cases; resources (a) The resource provisions contained in this section shall apply to AFDC-related applicants and beneficiaries under this chapter. (b) Available resources shall include cash and other forms of assets that can produce income immediately obtainable to meet the needs of the eligible unit, including: 1. Real or personal property that is within the control of one or more members of the eligible unit, or to which such members may have a valid property interest; and 2. Benefits and other contributions of support which are available to one or more of the members of the eligible unit. (c) Resources described in this rule shall be either countable or exempt. 1. All nonexempt property shall be counted in the determination of resource eligibility. 2. Exempt resources shall not be subject to any requirement for liquidation. When any resource is not or is no longer exempt, it shall be evaluated as a countable resource in accordance with this rule and considered in the determination of eligibility under this chapter. (d) Countable resources shall be evaluated by their equity value, which is the current market value of the resource, less any encumbrances. (e) The total equity value of all countable resources (including savings) shall not exceed the applicable amount specified in N.J.A.C. 10:70-5.1. (f) Bank accounts in which the names of the owners are stated in the conjunctive ("and" accounts) shall be presumed to be in the possession of the eligible family member, in proportion to the number of owners listed on the account. This presumption may be rebutted if the eligible family member and/or the other owners of the account demonstrate to the Division that actual ownership of the funds is in a different proportion. If it can be demonstrated that the funds in the account are not legally owned by an eligible family member, such funds shall not be counted toward the resource maximum specified in N.J.A.C. 10:70- 5.1. (g) Bank accounts in which the names of the owners are stated in the disjunctive ("or" accounts) shall be presumed to be in the complete possession of the eligible family member, regardless of the source of the funds in the account. This presumption may be rebutted if the eligible family member and/or the other owners of the account demonstrate to the Division that actual ownership of the funds is in a different proportion, based on evidence of contributions by each party to the funds on deposit. If it can be demonstrated that the funds in the account are not legally owned by an eligible family member, such funds shall not be counted toward the resource maximum specified in N.J.A.C. 10:70-5.1. (h) Exempt resources shall not be subject to liquidation requirements. At the time any such resources are determined no longer to be exempt, they shall be evaluated in accordance with (a) through (g) above. The exempt resources of an eligible unit shall be as follows: