Or. Admin. R. 461-145-0460

Current through Register Vol. 63, No. 6, June 1, 2024

Section 461-145-0460 - Sale of a Resource

(1) In the QMB-BAS, QMB-SMB, and QMB-SMF programs, for the sale of a resource (including a home):

(a) The interest portion of proceeds is counted as unearned income.

(b) The principal portion of proceeds is excluded as income.

(2) In the OSIPM, and QMB-DW programs:

(a) The principal portion of proceeds from the sale of a resource (other than a home) received on a monthly or other periodic basis is counted as a resource.

(b) The principal portion of proceeds from the sale of a resource (other than a home) received on a lump-sum basis are treated as follows:

(A) If the proceeds are from the sale of an excluded resource, the amount reinvested in another excluded resource is excluded, and the remainder is counted as a resource.

(B) Proceeds from all other sales are counted as a resource.

(c) The interest portion of proceeds from the sale of a resource (other than a home) received on a monthly, other periodic, or lump-sum basis is counted as unearned income.

(d) Proceeds from the sale of a home of the financial group (see OAR 461-110-0530) are treated as follows:

(A) Principal payments, including lump-sum payments, are excluded for three full calendar months from the date of receipt if the financial group intends to use the proceeds to buy another home or for associated costs including:

(i) Down payments.

(ii) Settlement costs.

(iii) Loan processing fees and points.

(iv) Moving expenses.

(v) Necessary repairs to or replacement of the new home's structure or fixtures (including roof, furnace, plumbing, built-in appliances) that are identified and documented prior to occupancy.

(vi) Mortgage payments.

(B) For the purposes of paragraph (A) of this subsection, funds obligated by contract during these three full calendar months are also excluded.

(C) Interest payments are counted as unearned income.

(e) For individuals eligible for OSIPM under OAR 461-135-0771, the proceeds from the sale of the home of the financial group, if the financial group intends to use them to buy another home (paragraphs (d)(A) and (d)(B) of this section set out the scope of use of excluded proceeds), are treated as follows:

(A) Principal payments, including lump-sum payments, are excluded for 12 full calendar months from the date of receipt.

(B) Interest payments are counted as unearned income.

(f) Proceeds from the sale of a home that are not reinvested in another home are treated as follows:

(A) Principal payments are counted as a resource.

(B) Interest payments are treated as unearned income.

(3) In the REF, REFM, and TANF programs:

(a) Proceeds from the sale of an excluded resource to the extent reinvested in another excluded resource are excluded as income and as a resource.

(b) All proceeds from the sale of the resource are counted as unearned income, unless excluded in subsection (a) of this section.

(4) In the SNAP program, proceeds from the sale of a resource are treated as follows:

(a) Proceeds from the sale of a resource (other than a home):

(A) Received on a monthly or other periodic basis are counted as unearned income.

(B) Received on a lump-sum basis:

(i) From the sale of an excluded resource, the amount reinvested in another excluded resource is excluded, and the remainder is counted as a resource.

(ii) From all other sales are counted as a resource.

(iii) If the proceeds put the benefit group (see OAR 461-110-0750) over the resource limit, the proceeds are counted as periodic or lump sum income (see OAR 461-140-0110 and 461-140-0120).

(b) Proceeds from the sale of the home of the financial group (see OAR 461-110-0530):

(A) If the financial group intends to use the proceeds to buy another home, are excluded for three months and counted as a resource thereafter.

(B) If not reinvested in another home, are treated as a resource.

(C) Interest received monthly or on another periodic basis from the sale of a home is counted as unearned income.

(c) Proceeds from the sale of a work-related asset including equipment and inventory, if the individual is self-employed, the proceeds of the sale are treated as self-employment income (see OAR 461-145-0910).

(5) Costs of the type excluded under OAR 461-145-0920 are subtracted from proceeds counted as income under this rule.

Or. Admin. R. 461-145-0460

AFS 80-1989, f. 12-21-89, cert. ef. 2-1-90; AFS 20-1992, f. 7-31-92, cert. ef. 8-1-92; AFS 12-1993, f. & cert. ef. 7-1-93; AFS 2-1994, f. & cert. ef. 2-1-94; AFS 21-1995, f. 9-20-95, cert. ef. 10-1-95; AFS 9-1997, f. & cert. ef. 7-1-97; AFS 9-2001, f. & cert. ef. 6-1-01; AFS 5-2002, f. & cert. ef. 4-1-02; SSP 16-2003, f. & cert. ef. 7-1-03; SSP 10-2007, f. & cert. ef. 10-1-07; SSP 5-2009, f. & cert. ef. 4-1-09; SSP 30-2012, f. 9-28-12, cert. ef. 10-1-12; SSP 30-2013(Temp), f. & cert. ef. 10-1-13 thru 3-30-14; SSP 38-2013, f. 12-31-13, cert. ef. 1-1-14; SSP 24-2014, f. & cert. ef. 10-1-14; SSP 35-2015, f. 12-23-15, cert. ef. 1/1/2016; SSP 25-2016(Temp), f. 6-30-16, cert. ef. 7-1-16 thru 12-27-16; SSP 31-2016, f. & cert. ef. 9/1/2016; SSP 31-2016, f. & cert. ef. 9-1-16: SSP 14-2017, f. 6-5-17, cert. ef. 7/1/2017; SSP 17-2023, amend filed 06/14/2023, effective 7/1/2023

Statutory/Other Authority: ORS 409.050, 410.070, 411.060, 411.070, 411.083, 411.404, 411.816, 412.014, 412.049, 413.085 & 414.619

Statutes/Other Implemented: ORS 409.050, 410.070, 411.060, 411.070, 411.083, 411.404, 411.816, 412.014, 412.049, 413.085, 414.619, ORS 409.010, 410.010, 410.080 & 414.117