ADMINISTRATIVE PLAN - San Antonio Housing Authority

7-III.E. ASSETS AND INCOME FROM ASSETSAssets Disposed of for Less than Fair Market ValueThe family must certify whether any assets have been disposed of for less than fair market valuein the preceding two years. The PHA needs to verify only those certifications that warrantdocumentation [HCV GB, p. 5-28].PHA PolicyThird party verification of assets will only be required for assets totaling a value of$25,000 or more.The PHA will verify the value of assets disposed of only if:The PHA does not already have a reasonable estimation of its value frompreviously collected information, orThe amount reported by the family in the certification appears obviously in error.Example 1: An elderly participant reported a $10,000 certificate of deposit at the lastannual reexamination and the PHA verified this amount. Now the person reports that shehas given this $10,000 to her son. The PHA has a reasonable estimate of the value of theasset; therefore, re-verification of the value of the asset is not necessary.Example 2: A family member has disposed of its 1/4 share of real property located in adesirable area and has valued her share at approximately 5,000. Based upon marketconditions, this declaration does not seem realistic. Therefore, the PHA will verify thevalue of this asset.7-III.F. NET INCOME FROM RENTAL PROPERTYPHA PolicyThe family must provide:A current executed lease for the property that shows the rental amount orcertification from the current tenantA self-certification from the family members engaged in the rental of propertyproviding an estimate of expenses for the coming year and the most recent IRSForm 1040 with Schedule E (Rental Income). If schedule E was not prepared, thePHA will require the family members involved in the rental of property to providea self-certification of income and expenses for the previous year and may requestdocumentation to support the statement including: tax statements, insuranceinvoices, bills for reasonable maintenance and utilities, and bank statements oramortization schedules showing monthly interest expense.© Copyright 2008 Nan McKay & Associates, Inc.Page 7-20Revised/Approved 04/08/10 (Eff: 07/01/10)Unlimited copies may be made for internal use.