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<br />(For more on periodic payments, see section 6-I.H.) The balance in the account is counted as an <br />asset only if it remains accessible to the family member. <br />IRA, Keogh, and Similar Retirement Savings Accounts <br />IRA, Keogh, and similar retirement savings accounts are counted as assets even though early <br />withdrawal would result in a penalty \[HCV GB, p. 5-25\]. <br /> <br />Personal Property <br />Personal property held as an investment, such as gems, jewelry, coin collections, antique cars, <br />etc., is considered an asset \[HCV GB, p. 5-25\]. <br />SAHA Policy <br /> <br />In determining the value of personal property held as an investment, SAHA will use the <br />. However, SAHA also may obtain an appraisal if <br />appropriate to confirm the value of the asset. The family must cooperate with the <br />appraiser but cannot be charged any costs related to the appraisal. <br />Generally, personal property held as an investment generates no income until it is <br />disposed of. If regular income is generated (e.g., income from renting the personal <br />property), the amount that is expected to be earned in the coming year is counted as <br />actual income from the asset. <br /> <br /> <br />Necessary items of personal property are not considered assets \[24 CFR 5.603(b)\]. <br /> SAHA Policy <br /> <br />Necessary personal property consists of items such as clothing, furniture, household <br />furnishings, jewelry that is not held as an investment, and vehicles, including those <br />specially equipped for persons with disabilities. <br />Life Insurance <br />The cash value of a life insurance policy available to a family member before death, such as a <br />assets \[HCV GB 5-25\]. The cash value is the surrender value. If such a policy earns dividends or <br />interest that the family could elect to receive, the anticipated amount of dividends or interest is <br />counted as income from the asset whether or not the family actually receives it. <br />6-I.H.PERIODIC PAYMENTS <br /> <br />Periodic payments are forms of income received on a regular basis. HUD regulations specify <br />periodic payments that are and are not included in annual income. <br />Periodic Payments Included in Annual Income <br /> <br />Periodic payments from sources such as social security, unemployment and welfare <br />assistance, annuities, insurance policies, retirement funds, and pensions. However, periodic <br />payments from retirement accounts, annuities, and similar forms of investments are counted <br />only after they exceed the amount contributed by the family \[24 CFR 5.609(b)(4) and (b)(3)\]. <br />Page 6-18 <br />04/01/14 <br /> <br />