FAA4.D Other Assets (OTAS) : 03 Other Asset Types : D Homestead : .02 Homestead - Intent to Build
.02 Homestead - Intent to Build
The following participants are also considered to have a homestead that is not countable:
 
Participants who currently do not own a home, but own or are purchasing property on which they intend to build or are in the process of building a permanent home. Treat as follows:
The value of the property is not counted.
The value of the home, when partially completed is not counted.
The participant is not required to furnish a completion date.
 
NOTE Use participant's statement for verification.
 
Participants who own land on which they intend to build a home but own and live in a mobile home on other property.
Consider the mobile home and lot as a homestead.
The equity value(g) of the land on which the participant intends to build is countable. (See Real Property)
Participants who own land on which they intend to build a home but own and live in a mobile home located on land they rent.
Consider the mobile home and the land on which the participant intends to build a homestead.
Property that is necessary for the maintenance or use of certain not countable vehicles is not countable.
 
NOTE Only that portion of real property specifically used for the vehicle is not countable.
 
The property must be necessary for one of the following vehicles:
A vehicle that is income producing.
A vehicle used to transport a disabled participant.