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<br />as income until the family has received payments equal to the amount the family member <br />deposited into the retirement fund. <br />Jointly Owned Assets <br />The regulation at 24 CFR 5.609(a)(4) spec <br />(during the 12- <br />SAHA Policy <br /> <br />If an asset is owned by more than one person and any family member has unrestricted <br />access to the asset, SAHA will count the full value of the asset. A family member has <br />unrestricted access to an asset when he or she can legally dispose of the asset without the <br />consent of any of the other owners. <br />If an asset is owned by more than one person, including a family member, but the family <br />member does not have unrestricted access to the asset, SAHA will prorate the asset <br />according to the percentage of ownership. If no percentage is specified or provided for by <br />state or local law, SAHA will prorate the asset evenly among all owners. <br />Assets Disposed Of for Less than Fair Market Value \[24 CFR 5.603(b)\] <br />HUD regulations require the PHA to count as a current asset any business or family asset that <br />was disposed of for less than fair market value during the two years prior to the effective date of <br />the examination/reexamination, except as noted below. <br />Minimum Threshold <br />The HVC Guidebook permits the PHA to set a threshold below which assets disposed of for less <br />than fair market value will not be counted \[HCV GB, p. 5-27\]. <br />AHA Policy <br /> S <br />SAHA will include the value of assets by taking the difference between market value <br />and disposed of value minus any costs. <br /> When the two-year period expires, the income assigned to the disposed asset(s) also <br />expires. If the two-year period ends between annual re-certifications, the family may <br />request an interim recertification to eliminate consideration of the asset(s). <br />request must be made 60 days prior to the end of the two year period. <br />Assets placed by the family in irrevocable trusts are considered assets disposed of for <br />less than fair market value except when the assets placed in trust were received through <br />settlements or judgments. <br />Separation or Divorce <br />The regulation also specifies that assets are not considered disposed of for less than fair market <br />value if they are disposed of as part of a separation or divorce settlement and the applicant or <br />tenant receives important consideration not measurable in dollar terms. <br />SAHA Policy <br /> <br />All assets disposed of as part of a separation or divorce settlement will be considered <br />assets for which important consideration not measurable in monetary terms has been <br />received. In order to qualify for this exemption, a family member must be subject to a <br />Page 6-14 <br />04/01/14 <br /> <br />