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(1) Liquid and nonliquid resources of all members of the household cannot exceed $2,000 for the household, except that, for households including a member or members age 60 or over, such resources cannot exceed $3,000.
(i) Liquid resources are those resources which are readily available to the applicant or recipient including, but not limited to the following: cash on hand, money in checking and savings accounts, savings certificates, stocks or bonds, lump sum payments as detailed in this Part, funds held (less the amount of penalty if any for early withdrawal), in individual retirement accounts (IRA's) and funds held in Keogh plans which do not involve the household member in a contractual relationship with individuals who are not household members. In counting resources of a household with an IRA or Keogh plan (unless excluded pursuant to the provisions of subparagraph [3][ii] of this subdivision), the total cash value of the account or plan minus the amount of the penalty (if any) that would be exacted for the early withdrawal of the entire amount in the account or plan shall be counted.
(ii) Nonliquid resources include personal property, licensed and unlicensed vehicles, buildings, land, recreational properties, and any other property not specifically excluded in paragraph (3) of this subdivision. Nonexempt and nonliquid resources shall be valued at the fair market value less encumbrances. Licensed vehicles shall be treated in accordance with subparagraph (3)(iii) of this subdivision.
(iii) The resources of households containing sponsored aliens shall include that portion of the alien's sponsor and sponsor's spouse's resources that have been deemed available to the alien as provided for in section 387.10(b)(4) of this Part.
(iv) The resources of ineligible aliens, individuals disqualified due to intentional program violations, individuals disqualified for failure to comply with a food stamp work registration or work requirement as provided in section 385.3 of this Title and individuals disqualified for failure to provide a social security number, as referred to in the definition of household concept in section 387.1 of this Part, are counted in the determination of the household's food stamp eligibility.