The Trainer — March 2015

Terminating Over-Income Households' Assistance; Disposing of Assets for Less than FMV

In this month’s feature, we discussed how to follow HUD’s notice requirements when terminating assistance. If you don’t, the household could claim that the termination was invalid.

In this issue’s Q&As, we discussed the rule about recertifying households who have disposed of an asset, such as a house, for less than fair market value (FMV). Every recertification file for a household must include a signed, written statement saying whether household members have disposed of assets for less than FMV.

QUIZ

QUESTION #1

When terminating a household’s assistance you must deliver a written termination notice:

a.   By first-class mail.

b.   By hand, to any adult answering the door at the unit, or if no one answers, by sliding it under the door or affixing it to the door.

c.   Either a or b.

d.   Both a and b.

QUESTION #2

Terminating a household’s assistance doesn’t terminate the household’s lease before the end of the lease term. But when the lease term does expire, you don’t have to offer them a HUD lease form. True or false?

a.   True.

b.   False.

QUESTION #3

When you’re figuring a household’s assets for recertification, you must include any asset that a household member sold for less than fair market value in the previous:

a.   12 months.

b.   Two years.

c.   Five years.

d.   10 years.

QUESTION #4

The only assets disposed of for less than fair market value that are not to be counted are those resulting from:

a. Bankruptcy.

b. Divorce and separation.

c. Foreclosure.

d. All of the above.