N.M. Admin. Code § 8.248.500.11

Current through Register Vol. 35, No. 21, November 5, 2024

Section 8.248.500.11 - RESOURCE STANDARDS

A "resource" is defined as cash and other assets that can be converted to cash within 20 days.

A. Resource determination: The resource determination is made as of the first moment of the first day of the month. An applicant/recipient is ineligible for any month in which their countable resources exceed the allowable resource standard as of the first moment of the first day of the month. Changes in the amount of countable resources during a month do not affect eligibility or ineligibility for that month.

B. Distinguishing between resources and income: Resources must be distinguished from income to avoid counting a single asset twice. As a general rule, ownership of a resource precedes the current month while income is received in the current month. Income held by an applicant/recipient until the following month becomes a resource.

N.M. Admin. Code § 8.248.500.11

8.248.500.11 NMAC - N, 2-1-06, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024