7 AAC 47.357. Disposal of excess resources

(a) If the nonexcludable resources of an otherwise eligible applicant exceed the resource limits of 7 AAC 47.350, assistance will be provided if the applicant enters into an agreement with the

(1) Social Security Administration under 20 C.F.R. 416.1240 - 20 C.F.R. 416.1244 to dispose of the excess resources and to repay SSI benefits; and

(2) department to repay assistance provided during the duration of the SSI agreement, in the amount of the proceeds of the disposal less the amount repaid to SSI or the assistance provided, whichever is smaller.

(b) If the nonexcludable resources of an otherwise eligible applicant whose income exceeds SSI standards exceed the resource limits of 7 AAC 47.350 and the applicant has, in cash or negotiable instruments, no more in nonexcludable resources than three times the monthly SSI payment standard for an eligible individual, or eligible couple if living with a spouse, assistance will be provided if the applicant enters into an agreement

(1) with the department to dispose of the excess resources at their current market value within nine months for real property or within three months for personal property; the department may extend the three-month period to dispose of personal property by an additional three months if circumstances beyond the applicant's control prohibit disposal; and

(2) to repay the assistance provided during the time the agreement is in effect or the proceeds of the disposal, whichever is less.

History: Eff. 6/28/2002, Register 162

Authority: AS 47.05.010

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.