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DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 3 Verification of the conversion and the new resource is required for resource evaluation. See policy that addresses the new resource type.

3. Values to Apply to Resources A resource’s value is its value as it existed on the first moment of the first day of the month in which it is being evaluated. Consider any increase or decrease in the resource as of the first moment of the first day of the month following the month the change occurs. For AG purposes, the value of a resource is the amount of an individual's/ couple's equity in it. Exception: When there is only one automobile, and it does not qualify for exclusion based on its use, its value is the current market value rather than equity value. 3.1. Current Market Value The current market value (CMV) of a resource is the going price for which it can reasonably be expected to sell on the open market in the particular geographic area involved. 3.2. Equity Value Equity value (EV) is the CMV of a resource minus any encumbrance on it. 3.3. Encumbrance An encumbrance is a legally binding debt against a specific property. Such a debt reduces the value of the encumbered property but does not have to prevent the property owner from transferring ownership (selling) to a third party. However, if the owner of encumbered property does sell it, the creditor will nearly always require debt satisfaction from the proceeds of sale.

4. Monthly Determinations Eligibility with respect to resources is a determination made as of the first moment of each calendar month and applicable to the entire month. Subsequent changes have no effect until the following month's resources determination. Thus, resource eligibility (or ineligibility) exists for an entire month at a time.