Page 81

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 70

37. Home Replacement Funds When an individual sells an excluded home, the proceeds of the sale become an available resource. 37.1. Exclusion The proceeds of the sale are excluded resources if the individual: • Plans to use them to buy another excluded home, and • Does so within 3 full calendar months of receiving them. Retained funds must be identifiable in order to be excluded. See Commingled Funds Chapter E - 26 if funds excluded under this provision are commingled with other funds. 37.1.1. Interest Interest earned on funds excluded under this provision is not excluded from income or resources. 37.2. Explanation To Individual Explain the home replacement exclusion to any individual who has sold an excluded home (if it is not too late to exclude any of the proceeds) or who plans to do so. Include the date, if known, by which the proceeds must be used in order to qualify for exclusion. 37.3. Statement Of Intent Obtain a signed statement from the individual as to whether he or she intends to use the proceeds to buy another home by the date specified. If so, the statement also must reflect his or her understanding that the exclusion of any funds not used by the date specified will be revoked retroactively. See Chapter E - 36.4.6. When the proceeds are being paid in installments, the individual's statement of intent must reflect his or her understanding that, if the non-interest portion of any payment is not used within 3 months of its receipt, the exclusion of • The unused portion of such payment and • The contract itself will be revoked retroactively to the date of receipt of such payment.

loading…

Page 81

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI RESOURCE ELIGIBILITY 11/18 CHAPTER E PAGE 70

37. Home Replacement Funds When an individual sells an excluded home, the proceeds of the sale become an available resource. 37.1. Exclusion The proceeds of the sale are excluded resources if the individual: • Plans to use them to buy another excluded home, and • Does so within 3 full calendar months of receiving them. Retained funds must be identifiable in order to be excluded. See Commingled Funds Chapter E - 26 if funds excluded under this provision are commingled with other funds. 37.1.1. Interest Interest earned on funds excluded under this provision is not excluded from income or resources. 37.2. Explanation To Individual Explain the home replacement exclusion to any individual who has sold an excluded home (if it is not too late to exclude any of the proceeds) or who plans to do so. Include the date, if known, by which the proceeds must be used in order to qualify for exclusion. 37.3. Statement Of Intent Obtain a signed statement from the individual as to whether he or she intends to use the proceeds to buy another home by the date specified. If so, the statement also must reflect his or her understanding that the exclusion of any funds not used by the date specified will be revoked retroactively. See Chapter E - 36.4.6. When the proceeds are being paid in installments, the individual's statement of intent must reflect his or her understanding that, if the non-interest portion of any payment is not used within 3 months of its receipt, the exclusion of • The unused portion of such payment and • The contract itself will be revoked retroactively to the date of receipt of such payment.