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Foreclosure or Bankruptcy <br />Assets are not considered disposed of for less than fair market value when the disposition is the <br />result of a foreclosure or bankruptcy sale. <br />Family Declaration <br />SAHA Policy <br />Families must sign a declaration form at initial certification and each annual <br />recertification identifying all assets that have been disposed of for less than fair market <br />value or declaring that no assets have been disposed of for less than fair market value. <br />SAHA may verify the value of the assets disposed of if other information available to <br />SAHA does not appear to agree with the information reported by the family. <br /> <br />Types of Assets <br />Checking and Savings Accounts <br />For regular checking accounts and savings accounts, cash value has the same meaning as market <br />value. If a checking account does not bear interest, the anticipated income from the account is <br />zero. <br />SAHA Policy <br />In determining the value of a checking account, SAHA will use the average monthly <br />balance for the last three months. <br />In determining the value of a savings account, SAHA will use the current balance. <br />In determining the anticipated income from an interest-bearing checking or savings <br />account, SAHA will multiply the value of the account by the current rate of interest paid <br />on the account. <br />Checking and savings accounts will be counted in the total assets calculated if the total <br />assets are $5,000 or greater. SAHA will use the actual or imputed interest, whichever is <br />greater. <br /> <br />ABLE Accounts [24 CFR 5.609(b)(10) as updated for HOTMA; Notice PIH 2019-09] <br />An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged savings <br />account that an eligible individual can use to pay for qualified disability expenses. Section 103 of <br />the ABLE Act mandates that an individual’s ABLE account (specifically, its account balance, <br />contributions to the account, and distributions from the account) is excluded when determining <br />the designated beneficiary’s eligibility and continued occupancy under certain federal means- <br />tested programs. The PHA must exclude the entire value of the individual’s ABLE account from <br />the household’s assets. Distributions from the ABLE account are also not considered income. <br />However, all wage income received, regardless of which account the money is paid to, is <br />included as income. <br />EXHIBIT 1