N.M. Code R. § 8.139.510.8

Current through Register Vol. 35, No. 11, June 11, 2024

Section 8.139.510.8 - RESOURCE ELIGIBILITY STANDARDS

A. The maximum allowable resources for a household, including both liquid and non-liquid assets are revised and adjusted each year in October and can be found at https://www.fns.usda.gov/snap/cost-living-adjustment-cola-information.

B. The value of a nonexempt resource is its equity value. Equity value is the fair market value less encumbrances. The value of stocks and bonds, such as U.S. savings bonds, is their cash value, not their face value.

C. It is a household's responsibility to report all resources held at the time of application and any anticipated to be received, or that are later received during the certification period, that might place the household's resources above the maximum allowed.

D.Categorically eligible households: Households that are categorically eligible do not need to meet the resource limits or provisions of this section.

E.Sponsored aliens: For households containing sponsored aliens, a prorated amount of the countable resources of an alien's sponsor and sponsor's spouse (if living with the sponsor) are deemed to be those of the sponsored alien, in accordance with sponsored alien provisions in 8.139.420.9 NMAC.

F.Non-household members: The resources of non-household members, defined in 8.139.400.10 NMAC shall not be considered available to the household.

G.Resources of ineligible or disqualified household members: The resources of ineligible or disqualified household members shall be counted as available to the household in their entirety. If a resource exclusion applies to a household member, the exclusion shall also apply to the resources of an ineligible or disqualified person whose resources are counted as available to the household.

N.M. Code R. § 8.139.510.8

02/01/95, 07/01/97, 07/01/98, 06/01/99; 8.139.510.8 NMAC - Rn, 8 NMAC 3.FSP.510, 5/15/2001; A, 2/1/2002; A, 10/1/2002; A, 4/1/2010, Amended by New Mexico Register, Volume XXVI, Issue 04, February 27, 2015, eff. 3/1/2015, Amended by New Mexico Register, Volume XXVIII, Issue 18, September 26, 2017, eff. 10/1/2017, Amended by New Mexico Register, Volume XXIX, Issue 02, January 30, 2018, eff. 2/1/2018