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Administrative Plan 7/1/2025 Page 6-35 <br />6-II.C. ASSET INCLUSIONS AND EXCLUSIONS <br />Necessary and Non-Necessary Personal Property [24 CFR 5.603(b)(3)(i)] <br />All assets are categorized as either real property (e.g., land, a home) or personal property. <br />Personal property includes tangible items, like boats, as well as intangible items, like bank <br />accounts. <br />The value of necessary items of personal property is excluded from the calculation of net family <br />assets. Necessary items of personal property include a car used for commuting or medical <br />devices. <br />HUD defines necessary personal property as items essential to the family for the maintenance, <br />use, and occupancy of the premises as a home; or they are necessary for employment, education, <br />or health and wellness. Necessary personal property includes more than merely items that are <br />indispensable to the bare existence of the family. It may include personal effects (such as items <br />that are ordinarily worn or utilized by the individual), items that are convenient or useful to a <br />reasonable existence, and items that support and facilitate daily life within the family’s home. <br />Necessary personal property also includes items that assist a household member with a disability, <br />including any items related to disability-related needs, or that may be required for a reasonable <br />accommodation for a person with a disability. Necessary personal property does not include bank <br />accounts, other financial investments, or luxury items. Items of personal property that do not <br />qualify as necessary personal property are classified as non-necessary personal property. <br />The combined value of all non-necessary items of personal property is only included in annual <br />income when the combined total value exceeds the HUD-published threshold amount (adjusted <br />annually and published in HUD’s current year Inflation-Adjusted Values tables). When the <br />combined value of all non-necessary personal property does not exceed the HUD-published <br />threshold amount, all non-necessary personal property is excluded from net family assets. <br /> The threshold amount is $50,000 for 2024, and $51,600 for 2025. <br />While not an exhaustive list, the following table from Notice PIH 2023-27 provides examples of <br />necessary and non-necessary personal property. <br />EXHIBIT 1