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(10/01/11 - 12/31/11)
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TANF EXCEPTION
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The Hopi Tribal TANF program excludes income producing property from the resource determination.
Key income producing real property on OTAS using the OA Other Asset Code.
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NA EXCEPTION
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Rental property and property used by the participant for vacation purposes at any time during the year are countable when either of the following applies:
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●Produces income in excess of expenses, such as mortgage payments, taxes, or insurance.
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●Annually produces income consistent with its current market value (CMV). When the annual income is at least 12% of the CMV, the income is considered consistent with the CMV. To determine whether the property is producing income of at least 12% of the property's CMV, complete the following:
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Determine the property's CMV. Use one of the following sources to determine the CMV:
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●Realtor
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●County Assessor's Statement card
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●Appraiser's written statement
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Divide the annual income received by the property's CMV. The resulting figure is the percentage.
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When the rental property is temporarily vacant and not producing income, the following applies:
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●The property is not countable for 12 months after the property is vacated.
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●After 12 months, consider it non‑income producing property and count the equity value(g) as a resource. (See Real Property - Not For Sale)
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Some examples of proof of vacancy are the following:
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●Utility bills for the rental
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●Participant's records
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●Advertisements for the rental property
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When rental property is currently rented, it remains not countable for 12 months when both of the following apply:
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●The current tenants are obligated to pay rent
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●Rent is not paid due to a lack of income or other emergency.
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