ITEMS TO BE CONSIDERED WHEN DETERMINING ELIGIBILITY:
" Income" means actual current annual total cash receipts before taxes (gross income) of all persons who are resident members of and contribute to the support of a family unit.
SOURCE OF INCOME:
Wages, Welfare Benefits, Social Security Benefits, Unemployment Compensation, Workmen's Compensation, Veteran's Benefits, Retirement Benefits, Alimony, Child Support, Rents, Dividents/Interest and income from any other source.
ADDITIONAL ITEMS TO BE CONSIDERED:
Assets (savings accounts, Stocks, Income producing property) Extraordinary Expenses for: Food, Clothing, Shelter, Medical Care, Transportation and Excessive Debts.
The asset ceiling shall be as follows:
$7,000 - Single Person
$2,000 - Each additional member of the family unit
Non-liquid assets shall be considered liquid assets if readily convertible.
Liquid assets include stocks and bonds, back accounts, etc.. The applicant's principal residence and the reasonable equity value in work-related equipment, including motor vehicles, which are essential to the employment or self-employment of the applicant or member of the family unit shall be excluded.
Effective Date: April 19, 2011
Source: 45 CFR Part 1611 - Federal Register
Approved by LSVI Board of Trustees on April 19, 2011.