7 AAC 45.310. Determining value of available nonexempt resources

(a) The department will determine the value of an available nonexempt resource by determining the applicant's or recipient's equity in that resource. Equity value is equal to the dollar amount that results from subtracting all legitimate debt secured by legal encumbrance on the title to the property from the fair market value of the property. For purposes of this subsection, "legal encumbrance" means a security interest or lien that is enforceable by a legal action.

(b) To determine the fair value of a stock or bond that fluctuates in market value, the department will use the lowest market quotation for that stock or bond over the 30-day period immediately preceding the date the department makes its determination.

(c) In an assistance unit that resides in a household that contains a member receiving SSI or APA, a jointly held resource will be prorated. In an assistance unit that resides in a household that does not contain a member receiving SSI or APA, the department will determine the value of a jointly held resource as follows:

(1) if the joint owners of a resource are legally married and living together, the resource is considered to belong equally to each;

(2) an applicant is considered to have no equity in property owned jointly by the applicant and an absent spouse who cannot be located or refuses to sell or to assign the property; and

(3) an applicant's equity in a jointly owned bank account is considered to be the entire amount in the account if, the applicant can withdraw money from the account without the consent or approval of the other person and can use the money for any purpose without incurring liability to the other person.

History: Eff. 8/5/92, Register 123; am 10/1/97, Register 143; am 1/7/2005, Register 173

Authority: AS 47.05.010

AS 47.27.005

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