Section 7 AAC 40.290 - Disposal of excess resources(a) If the non-excludable resources of an otherwise eligible applicant exceed the resource limits of 7 AAC 40.270, assistance will be provided if the applicant enters into an agreement with the (1) Social Security Administration under 20 C.F.R. 416.1240 - 1244 to dispose of the applicant's excess resources and to repay SSI benefits; and(2) division to repay assistance provided the applicant during the duration of the SSI agreement, in the amount of the proceeds of the disposal less the amount repaid to SSI or the assistance provided the applicant, whichever is smaller.(b) If the non-excludable resources of an otherwise eligible applicant whose income exceeds SSI standards exceed the resource limits of 7 AAC 40.270 and the applicant has no more in nonexcludable resources than three times the monthly SSI payment standard for an eligible individual or eligible couple if living with a spouse in cash or negotiable instruments, assistance will be provided if the applicant enters into an agreement (1) with the division to dispose of the excess resources at their current market value within nine months for real property or within three months for personal property; the division may extend the three-month period to dispose of personal property by an additional three months if circumstances beyond the applicant's control prohibit disposal; and(2) to repay the assistance provided the applicant during the time the agreement is in effect or the proceeds of the disposal, whichever is less.(c) In this section, "proceeds" means the sale price less amounts owed on the resource and costs of disposal.Eff. 5/12/82, Register 82; am 9/30/83, Register 87; am 10/10/96, Register 140; am 9/20/2002, Register 163Authority:AS 47.05.010
AS 47.25.430
AS 47.25.435
AS 47.25.460