Code of Massachusetts Regulations
106 CMR - DEPARTMENT OF TRANSITIONAL ASSISTANCE
Title 106 CMR 363.000 - Supplemental Nutrition Assistance Program: Financial Eligibility Standards
Section 363.130 - Countable Assets
Current through Register 1531, September 27, 2024
Countable assets are all those that must be included in determining the total value of the household's assets. If an asset is jointly owned, the value available to the household shall be determined in accordance with 106 CMR 363.120. Assets shall be distinguished from income as defined in 106 CMR 363.200.
Assets counted in determining financial eligibility include, but are not limited to:
(A) Cash.
The household's declaration of the amount of cash available shall be sufficient verification.
(B) Bank Accounts.
Funds in a bank account are considered available when a member of the household has both ownership of, and access to, the balance of funds in the account.
Crowdfunding accounts (e.g., GoFundMe and Kickstarter) shall also be considered liquid resources if funds are accessible to the household. The actual value of funds accessible to an accountholder shall be counted as a liquid resource.
A household member who states that he or she is not the owner, or is only partial owner, of the funds must verify ownership of the funds. A household member who states that he or she has no access, or only partial access to the funds must verify lack of access.
If the household member states that he or she does not own the account but is listed as a co-holder solely as a convenience to the other co-holder to conduct bank transactions on his or her behalf, proof of the age, relationship, physical or mental condition, or place of residence of the co-holder shall also be provided;
A document or piece of evidence submitted to verify a particular fact shall not count as more than one verification under 106 CMR 363.130(B)(3)(b)1. through 7.
However, a document, piece of evidence or a statement may address more than one fact needed for verification.
If at recertification the household member declares a balance of $25 or less in an account, other than a checking account, verification shall not be required if the balance was $25 or less at the last eligibility determination and the account balance, in combination with other countable assets, is not over the asset limit. The household's declaration shall be recorded in the case record.
(C) Securities.
Verification of the value of a security can be made by:
A claim that a particular security has no market value shall be verified by one of the verifications listed in 106 CMR 363.130(C)(2)(a) through (d).
A claim that a security is inaccessible shall be verified in accordance with 106 CMR 363.140(F).
(D) Nonrecurring Lump Sum Payments.
When the receipt of the lump sum payment puts a household over the asset eligibility limit, the Department shall notify the household and shall allow the household to update its entire asset statement. If the household declines to update the asset information, the Department shall begin action to terminate the household's eligibility in accordance with 106 CMR 366.200: Notice of Adverse Action.
(E) Land or Buildings.
Equity value is the fair market value less any liens or encumbrances.
Fair market value is the price for which the real estate will sell in the geographic area.
Fair market value shall be verified by a copy of the most recent tax bill or the property tax assessment that was most recently issued by the taxing jurisdiction, provided that the assessment is not:
If a current property tax assessment is not available or the household wishes to rebut the fair market value determined by the Department, a comparable market analysis or written appraisal of the value of the land or buildings from a knowledgeable source shall establish the fair market value. A knowledgeable source shall be a licensed real estate agent or broker, a real estate appraiser, bank, savings and loan association, or similar organization, or an official of the local real property tax jurisdiction. The household shall be notified how to rebut the Department's fair market value determination. The household can rebut the fair market value determined by the Department at any time.
If the lender is an organization, the verification of liens or encumbrances on the land or buildings shall be by copies of documents showing the outstanding balance of the loan. If the lender is an individual, the amount of the lien or encumbrance shall be verified either by a copy of the loan instrument and a signed statement from the lender showing the payment schedule and outstanding balance of the loan, or other documents that show the outstanding balance of the loan.