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. Administrative Plan 7/1/2025 <br /> <br />Page 7-31 <br />7-III.E. ASSETS AND INCOME FROM ASSETS <br />Assets Disposed of for Less than Fair Market Value <br />The family must certify whether any assets have been disposed of for less than fair market value <br />in the preceding two years. The PHA needs to verify only those certifications that warrant <br />documentation [HCV GB, p. 5-28]. <br />SAHA Policy <br />SAHA will verify the value of assets disposed of only if: <br />SAHA does not already have a reasonable estimation of its value from previously <br />collected information, or <br />The amount reported by the family in the certification appears obviously in error. <br />Example 1: An elderly participant reported a $10,000 certificate of deposit at the last <br />annual reexamination and the PHA verified this amount. Now the person reports that she <br />has given this $10,000 to her son. The PHA has a reasonable estimate of the value of the <br />asset; therefore, reverification of the value of the asset is not necessary. <br />Example 2: A family member has disposed of its 1/4 share of real property located in a <br />desirable area and has valued her share at approximately $5,000. Based upon market <br />conditions, this declaration does not seem realistic. Therefore, the PHA will verify the <br />value of this asset. <br />7-III.F. NET INCOME FROM RENTAL PROPERTY <br />SAHA Policy <br />The family must provide: <br />A current executed lease for the property that shows the rental amount or <br />certification from the current tenant <br />A self-certification from the family members engaged in the rental of property <br />providing an estimate of expenses for the coming year and the most recent IRS <br />Form 1040 with Schedule E (Rental Income). <br />If Schedule E was not prepared, SAHA will require the family members involved <br />in the rental of property to provide a self-certification of income and expenses for <br />the previous year and may request documentation to support the statement <br />including: tax statements, insurance invoices, bills for reasonable maintenance <br />and utilities, and bank statements or amortization schedules showing monthly <br />interest expense. <br />EXHIBIT 1