New Jersey Administrative Code
Title 10 - HUMAN SERVICES
Chapter 87 - NEW JERSEY SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM (NJ SNAP) MANUAL
Subchapter 4 - FINANCIAL ELIGIBILITY; RESOURCES
Section 10:87-4.3 - Resources defined
Universal Citation: NJ Admin Code 10:87-4.3
Current through Register Vol. 56, No. 18, September 16, 2024
(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 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withdrawn from a 401K plan, Keogh and IRAs.
i. The monies withdrawn from a 401K plan,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withdrawn early, subtract the penalty (if any) assessed for early withdrawal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
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 10:87-7.11.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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