12 Va. Admin. Code § 30-110-630 - Income-producing real property other than the home for aged, blind and disabled individuals

Current through Register Vol.. 38, No. 17, April 11, 2022

A. Income-producing real property other than the home does not affect eligibility if:
1. It is used in a trade or business or is otherwise income producing;
2. The equity value (current market value less the.balance of any recorded liens against the property) of the property does not exceed $6,000; and
3. The property produces a net annual income to the individual of at least 6.0% of the property's equity value.
B. If the property produces less than the 6.0% net annual income, it may be excluded if its equity value does not exceed $6,000 and it is used in a business or nonbusiness income-producing activity, and the following conditions are met:
1. Unusual or adverse circumstances, such as a fire, street repair in front of a store, or natural disaster, cause a temporary reduction in the rate of return;
2. The property usually produces net annual income of at least 6.0% of the equity value; and
3. The individual expects the property to again produce income at the 6.0% rate of return within 18 months of the end of the calendar year in which the unusual incident caused the reduction in the rate of return. When the property must be counted because the equity exceeds $6,000 or because the net annual return to the individual is less than 6.0% or equity, the individual's equity over $6,000 in the property is a countable resource.

Notes

12 Va. Admin. Code § 30-110-630
Derived from VR460-04-2.6105 § 3, eff. June 16, 1993; amended, Virginia Register Volume 17, Issue 13, eff. April 11, 2001.

Statutory Authority

§ 32.1-325 of the Code of Virginia.

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