net family assets
(A)For purposes of this subsection, the term “net family assets” means, for all members of the household, the net cash value of all assets after deducting reasonable costs that would be incurred in disposing of real property, savings, stocks, bonds, and other forms of capital investment. Such term does not include interests in Indian trust land, equity in property for which the family is receiving assistance under subsection (y) or (o)(12) of, equity accounts in homeownership programs of the Department of Housing and Urban Development, or Family Self Sufficiency accounts. (B)Such term does not include— (i)the value of personal property, except for items of personal property of significant value, as the Secretary may establish or the public housing agency may determine; (ii)the value of any retirement account; (iii)real property for which the family does not have the effective legal authority necessary to sell such property; (iv)any amounts recovered in any civil action or settlement based on a claim of malpractice, negligence, or other breach of duty owed to a member of the family and arising out of law, that resulted in a member of the family being disabled; (v)the value of any Coverdell education savings account undersection 530 of title 26or any qualified tuition program under section 529 of such title; and (vi)such other exclusions as the Secretary may establish. (C)In cases in which a trust fund has been established and the trust is not revocable by, or under the control of, any member of the family or household, the value of the trust fund shall not be considered an asset of a family if the fund continues to be held in trust. Any income distributed from the trust fund shall be considered income for purposes ofand any calculations of annual family income, except in the case of medical expenses for a minor.