Oregon Administrative Rules
Chapter 461 - DEPARTMENT OF HUMAN SERVICES, SELF-SUFFICIENCY PROGRAMS
Division 145 - TREATMENTS OF SPECIFIC ASSETS
Section 461-145-0240 - Income-Producing Sales Contract
Universal Citation: OR Admin Rules 461-145-0240
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The equity value (see OAR 461-001-0000) of an income-producing sales contract is treated as follows:
(a) In the OSIPM and QMB-DW programs:
(A) Except for a contract resulting from the
sale of a home, that is treated in accordance with paragraph (B) of this
subsection, it is a countable (see OAR
461-001-0000) resource valued at
the outstanding principal balance of the contract unless the individual
provides convincing evidence of a lower cash value or there is a legal bar to
the sale of the contract. If there is a legal bar to the sale of the contract,
the equity value of the contract is a transfer of assets (OAR
461-140-0210 to
461-140-0300 regulate the effect
of a transfer of assets on a client) for less than fair market value (see OAR
461-001-0000).
(B) The equity value of a contract resulting
from the sale of a home is excluded if the entire principal portion of the
payments received from the contract is used to purchase another home within
three calendar months of receipt of the payments. Otherwise the equity value is
treated in accordance with paragraph (A) of this subsection.
(b) Except as provided for in
subparagraph (a) of this section, it is excluded.
(2) In all programs, income received from a sales contract is treated as provided in OAR 461-145-0460.
Stat. Auth.: ORS 409.050, 410.070, 411.060, 411.070, 411.404, 411.816, 412.014, 412.049, 413.085, 414.685
Stats. Implemented: ORS 409.010, 409.050, 410.070, 411.060, 411.070, 411.404, 411.816, 412.014, 412.049, 413.085, 414.685, 414.839
Disclaimer: These regulations may not be the most recent version. Oregon 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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