Iowa Administrative Code › Agency 441 - Human Services Department › Title IV - Family Investment Program › Chapter 41 - Granting Assistance › Rule 441-41.26 - Resources

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Limitation.
An applicant or recipient may have the following
				resources and be eligible for the family investment program. Any resource not
				specifically exempted shall be counted toward resource limitations.
a. A homestead without regard to its value. A
				mobile home or similar shelter shall be considered as a homestead when it is
				occupied by the recipient. Temporary absence from the homestead with a defined
				purpose for the absence and with intent to return when the purpose of the
				absence has been accomplished shall not be considered to have altered the
				exempt status of the homestead. Except as described at
				41.26(1)
"n"
or
"o"
and
				41.26(6)
"d,"
the net market value of any other real property
				shall be considered with personal property.
b. Household goods and personal effects
				without regard to their value. Personal effects are personal or intimate
				tangible belongings of an individual, especially those that are worn or carried
				on the person, which are maintained in one's home, and include clothing, books,
				grooming aids, jewelry, hobby equipment, and similar items.
c. Life insurance which has no cash surrender
				value. The owner of the life insurance policy is the individual paying the
				premium on the policy with the right to change the policy as the individual
				sees fit.
d. Motor vehicles.
(1) One motor vehicle without regard to its
				value.
(2) An equity not to exceed
				a value of $4115 in one motor vehicle for each adult and working teenage child
				whose resources must be considered as described in 41.26(2). The disregard
				shall be allowed when the working teenager is temporarily absent from work. The
				equity value in excess of $4115 of any vehicle shall be counted toward the
				resource limit in 41.26(1)
"e."
When a motor vehicle is
				modified with special equipment for the handicapped, the special equipment
				shall not increase the value of the motor vehicle.
The department shall annually increase the motor vehicle
				  equity value to be disregarded by the latest increase in the consumer price
				  index for used vehicles during the previous state fiscal year.
e. A reserve of other property,
				real or personal, not to exceed $2000 for applicant assistance units and $5000
				for recipient assistance units. Exception: Applicant assistance units with at
				least one member who was a recipient in Iowa in the month prior to the month of
				application are subject to the $5000 limit. The exception includes those
				persons who did not receive an assistance grant due to the limitations
				described at rules 441-45.26 (239B) and
				441-45.27 (239B).
Resources of the applicant or the recipient shall be
				  determined in accordance with subrule 41.26(2).
f. Money which is counted as income in a
				month, during that same month; and that part of lump sum income defined in
				41.27(9)
"c"
(2) reserved for the current or future month's
				income.
g. Payments which are
				exempted for consideration as income and resources under subrule
				41.27(6).
h. An equity not to
				exceed $1,500 in one funeral contract or burial trust for each member of the
				eligible group. Any amount in excess of $1,500 shall be counted toward resource
				limitations unless it is established that the funeral contract or burial trust
				is irrevocable.
i. One burial plot
				for each member of the eligible group. A burial plot is defined as a
				conventional gravesite, crypt, mausoleum, urn, or other repository which is
				customarily and traditionally used for the remains of a deceased
				person.
j. Settlements for payment
				of medical expenses.
k. Life
				estates.
l. Federal or state earned
				income tax credit payments in the month of receipt and the following month,
				regardless of whether these payments are received with the regular paychecks or
				as a lump sum with the federal or state income tax refund.
m. The balance in an individual development
				account (IDA), including interest earned on the IDA.
n. An equity not to exceed $10,000 for tools
				of the trade or capital assets of self-employed households.
When the value of any resource is exempted in part, that
				  portion of the value which exceeds the exemption shall be considered in
				  computing whether the eligible group's property is within the reserve defined
				  in paragraph
"e."
o. Nonhomestead property that produces income
				consistent with the property's fair market value.