Real Property

Official source

(1) For purposes of this rule, manufactured and mobile homes and floating homes and houseboats are treated in the same manner as real property

(see OAR 461-001-0000).

(2) The applicant has the burden of proof of establishing the fair market value

(see OAR 461-001-0000) of real property . Fair market value may be established by any methodology determined to accurately reflect the fair market value of the real property , including the provision of an appraisal or comparative market analysis performed by an impartial individual who is certified or licensed in the applicable jurisdiction.

(3) Real property that is not income-producing or the home of the financial group

(see OAR 461-110-0530) is treated as follows:

loading…

Real Property

Official source

(1) For purposes of this rule, manufactured and mobile homes and floating homes and houseboats are treated in the same manner as real property

(see OAR 461-001-0000).

(2) The applicant has the burden of proof of establishing the fair market value

(see OAR 461-001-0000) of real property . Fair market value may be established by any methodology determined to accurately reflect the fair market value of the real property , including the provision of an appraisal or comparative market analysis performed by an impartial individual who is certified or licensed in the applicable jurisdiction.

(3) Real property that is not income-producing or the home of the financial group

(see OAR 461-110-0530) is treated as follows:

(a)In the REF, REFM, and TANF programs, the#

(a) In the REF, REFM, and TANF programs, the equity value

(see OAR 461-001-0000) of all real property that is not excluded under an Interim Assistance agreement is counted as a resource.

(b)In the EA program,#

(b) In the EA program, real property is excluded.

(c)In the SNAP program,#

(c) In the SNAP program, real property is treated as follows:

(A) The equity value of real property is excluded if the financial group is making a good-faith effort to sell the real property at a fair market price.

(B) The equity value of the real property is counted as a resource if the financial group refuses to make a good-faith effort to sell.

(C) The resource is excluded if selling the resource would produce a net gain to the financial group of less than $1,500.

(d)In the OSIP, OSIPM, and QMB-DW programs:#

(d) In the OSIP, OSIPM, and QMB-DW programs:

(A) The equity value of real property that was the home of the financial group is excluded if the financial group is making a good-faith effort to sell the real property at a reasonable price, unless the equity value in the home makes the individual ineligible under OAR 461-145-0220(2)(a).

(B) The equity value of all other real property is excluded if the financial group is making a good-faith effort to sell the real property at a reasonable price. The equity value is counted after the real property is excluded for nine months unless the failure to sell it is for reasons beyond the reasonable control of the financial group .

(4) The treatment of real property that is income producing is covered in OAR 461-145-0250 and 461-145-0252.

(5) The treatment of the home of the financial group is covered in OAR 461-145-0220.