(Revised 6/01 ML #2590)
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If the equity value (EV) is... |
And the 6 percent annual return (AR) requirement is... |
Then... |
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$6,000 or less |
met on the excluded equity (i.e., equity is $5,000; AR must be at least $300) |
exclude the entire EV of the property. |
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$6,000 or less |
not met on the excluded equity (i.e., equity is $5,000; AR is less than $300) |
count the entire EV of the property toward the asset limit. |
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greater than $6,000 |
met on the amount of excluded equity (i.e., EV is $8,000; AR must be at least $360) |
count the excess EV ($2,000) toward the asset limit. |
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greater than $6,000 |
not met on the excluded equity (i.e., EV is $8,000; excluded equity is $6,000; AR must be at least $360 |
count the entire EV (i.e., $8,000 toward the asset limit. |
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$6,000 or less on the total of more than one income-producing property |
met on the EV of each property |
exclude the total EV’s of the properties. |
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$6,000 or less on the total of more than one income-producing property |
not met on the EV of one or more of the properties |
count the entire value of any property not meeting the 6 percent AR toward the asset limit. |
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greater than $6,000 on the total EV’s of more than one income-producing property |
met on the EV of each property |
total the EV’s and count the amount in excess of $6,000 toward the asset limit. |
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greater than $6,000 on the total EV’s of more than one income-producing property |
not met on the EV of one or more of the properties |
the entire EV of any property not meeting the 6 percent AR is counted toward the asset limit as well as any excess over $6,000. |