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Administrative Plan 7/1/2025 Page 6-42 <br />Asset Exclusions [24 CFR 5.603(b)] <br />The following are excluded from the calculations of net family assets: <br /> The value of any account under a retirement plan recognized as such by the IRS, including <br />individual retirement arrangements (IRAs), employer retirement plans, and retirement plans <br />for self-employed individuals [24 CFR 5.603(b)(3)(iii)]. <br /> The value of real property that the family does not have the effective legal authority to sell in <br />the jurisdiction in which the property is located [24 CFR 5.603(b)(3)(iv)]. <br />- Real property as used in this part has the same meaning as that provided under the law of <br />the state in which the property is located [24 CFR 5.100]. <br />- Examples of this include but are not limited to co-ownership situations (including <br />situations where one owner is a victim of domestic violence), where one party cannot <br />unilaterally sell the real property; property that is tied up in litigation; and inherited <br />property in dispute [Notice PIH 2023-27]. <br /> Any amounts recovered in any civil action or settlement based on a claim of malpractice, <br />negligence, or other breach of duty owed to a family member arising out of law, that resulted <br />in a family member being a person with a disability [24 CFR 5.603(b)(3)(v)]; <br /> The value of any Coverdell education savings account under section 530 of the Internal <br />Revenue Code of 1986 [24 CFR 5.603(b)(3)(vi)]; <br /> The value of any qualified tuition program under Section 529 of such Code [24 CFR <br />5.603(b)(3)(vi)]; <br /> The value of any “baby bond” account created, authorized, or funded by federal, state, or <br />local government [24 CFR 5.603(b)(3)(vi)]; <br /> Interests in Indian trust land [24 CFR 5.603(b)(3)(vii)]; <br /> Equity in a manufactured home where the family receives assistance under 24 CFR part 982 <br />[24 CFR 5.603(b)(3)(viii)]; <br /> Equity in property under the Homeownership Option for which a family receives assistance <br />under 24 CFR part 982 [24 CFR 5.603(b)(3)(ix)]; <br /> Family Self-Sufficiency accounts [24 CFR 5.603(b)(3)(x)]; <br /> Federal tax refunds or refundable tax credits for a period of 12 months after receipt by the <br />family [24 CFR 5.603(b)(3)(xi)]. <br /> The full amount of assets held in an irrevocable trust [Notice PIH 2023-27]; and <br /> The full amount of assets held in a revocable trust where a member of the family is the <br />beneficiary, but the grantor/owner and trustee of the trust is not a member of the participant <br />family or household [Notice PIH 2023-27]. <br />EXHIBIT 1