N.J. Admin. Code § 10:87-4.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 10:87-4.3 - Resources defined

(a) The resources of a household shall include the following, which shall be recorded by the CWA in sufficient detail to permit verification, if necessary (see N.J.A.C. 10:87-2.20, 2.21 and 4.5):

1. Liquid resources, such as cash on hand, money in checking and/or savings accounts, savings certificates, stocks and/or bonds and lump-sum payments.

i. Money placed into an account from a reverse mortgage shall be considered a liquid resource;

2. Monies withdrawn from a 401K plan, Keogh and IRAs.

i. The monies withdrawn from a 401K plan, Keogh and IRAs are countable income. If it is a large sum, it should be divided by the number of months in the certification period. If the plan has been withdrawn early, subtract the penalty (if any) assessed for early withdrawal from the total amount of monies received and the remaining amount is the countable income;

3. Nonliquid resources, such as personal property, buildings, land, recreational property and any other property not specifically excluded under N.J.A.C. 10:87-4.8; and

4. Vehicles are excluded as a resource, except for recreational vehicles, such as boats, motor homes and so forth. However, if the boat or motor home is the household's primary residence, then it is subject to the resource exemption. The value of recreational vehicles, registered in the name of an eligible household member, shall be included in the determination of financial eligibility. The fair market value of a recreational vehicle shall be determined by the value of those vehicles as indicated on the National Automobile Dealers Association Internet website, www.nadaguides.com. The CWA shall not increase the basic value of a vehicle by adding the value of low mileage or other factors, such as optional or handicap accessible equipment. If a new vehicle is not listed on the website, the CWA shall contact an appropriate dealership to determine the value of a recreational vehicle.

(b) Deemed resources shall include resources deemed to an alien from his or her sponsor in accordance with N.J.A.C. 10:87-7.11.

N.J. Admin. Code § 10:87-4.3