Real Property Excluded under an Interim Assistance Agreement; REF, REFM, and TANF
(1) This rule applies in the REF, REFM, and TANF programs when the equity value (see OAR 461-001-0000) of real property (see OAR 461-001-0000) puts the financial group (see OAR 461-110-0530) over the resource limit.
(2) When section (1) of this rule applies:
(a)The equity value of real property is excluded for a…#
(a) The equity value of real property is excluded for a maximum of nine months if the financial group signs and complies with the terms of the program's Interim Assistance Agreement.
(b)After the ninth month, the equity value of the property…#
(b) After the ninth month, the equity value of the property is counted as a resource.
(3) To comply with the terms of the program's Interim Assistance Agreement, the financial group must agree to do all the following:
(a) Make a good-faith effort to sell the property; and
(b) Use the proceeds from the sale of the property to reimburse the Department for all benefits paid under the terms of the program's Interim Assistance Agreement. The reimbursement will not exceed the net proceeds of the sale of the property.
(4) The amount of benefits paid while the financial group has excess real property is an overpayment if the financial group fails to notify the Department that the group has the property.
(5) The amount of the benefits paid while the financial group has excess real property is an overpayment up to the net proceeds of the sale of the property if the property sells and the financial group does not repay the Department under the terms of the program's Interim Assistance Agreement.