10-144 C.M.R. ch. 301, § 300-FS 333-1 - Maximum Allowable Assets

1. GENERAL RULE

All assets of all household members, and disqualified individuals are counted with the exceptions found in Section 333-2. The value of assets, except for licensed vehicles, is the equity value (fair market value less encumbrances).

NOTE: Fair market value is the price a property would bring on the open market, assuming an informed buyer will buy, but is not compelled to buy; and an informed seller will sell, but is not compelled to sell. "Fair market value" of real property may be established by either the testimony of competent real estate appraisers or town tax appraisal at 100% valuation rate, at the Department's option.

2. MAXIMUM COUNTABLE ASSETS ALLOWED

A. Households that qualify as Categorically Eligible Households (Section 444-8) have no asset limit.

B. Households that do not qualify as Categorically Eligible Households and have no members age sixty or over nor a member with disabilities (according to the definition of "Individuals with Disabilities" (Section 999-1) provided in these Rules) have a countable asset limit found in Section 999-3 Chart 9. These households with countable assets exceeding this limit are not eligible for federally funded SNAP.

C. Households that do not qualify as Categorically Eligible Households but have a member age sixty or over or a member with disabilities (according to the definition of "Individuals with Disabilities" (Section 999-1) ) have a countable asset limit found in Section 999-3 Chart 9. These households with countable assets exceeding this limit are not eligible for federally funded SNAP.

D. Households that do not qualify as Categorically Eligible Households and would be eligible for federally funded SNAP except that their countable assets exceed the limit are eligible for state funded SNAP.

3. TREATMENT OF JOINTLY OWNED ASSETS

A. Assets held jointly between persons residing in shelters for battered persons and the individual from whom they are fleeing are not counted if agreement by that individual is required to access its value. (See Section 444-6) .

B. For jointly owned vehicles, see Section 333-3 page 1.

C. Otherwise, if the household demonstrates that they have access to only a portion of the asset, that portion is counted toward the household's assets.

Joint bank accounts are assumed to be owned by the household unless they present convincing evidence that a non-household member has contributed all, or part, of the money. That portion proved to have been contributed by a non-household member is not counted.

4. EXAMPLES OF ASSETS

A. Liquid Assets

Cash, crypto currency, checking, savings, Christmas Club accounts, stocks, bonds, credit union shares. Non-recurring lump sum payments, Certificates of Deposits (C.D.s), etc.

B. Non-Liquid Assets

Personal property, licensed and unlicensed vehicles including recreational vehicles (boats, snowmobiles, etc.), buildings and land, recreational property, and non-fungible assets.

Notes

10-144 C.M.R. ch. 301, § 300-FS 333-1