Chapter 1 - San Diego Housing Commission

Chapter 3 – Verification, Income, Assets, and Allowances
[24 CFR Part 5, Subparts D & E; Part 982, Subpart D & L]
1. Moving Forward Applicants/Participants
If the applicant/participant “self-declares” that the combined total net value of assets is less than
$10,000, the Housing Assistant will not verify the assets through any method. The Housing Assistant
will not request verification from the client. The Housing Assistant will not enter any asset
information in ECS except in Resident Note History.
Retirement accounts are neither included in the asset income calculation nor used when
determining the total cash surrender value of combined assets. Applicants/participants do not
report retirement accounts; the Housing Assistant will not request verification from the
applicant/participant. The Housing Assistant will not enter any retirement account information in
ECS.
2. Non-Moving Forward Applicants/Participants
Assets Totaling $5,000 or Less
The total family assets under $5,000 will be considered nominal and will not require third party
verification. Nominal assets will be verified by review of documents using the current balance.
Assets that Exceed $5,000
SDHC will attempt third party verification of all family assets and will utilize the current balance for
savings and checking accounts.
Acceptable verification may include any of the following:
- Third-party written verification forms, letters, or documents provided directly by a financial
institution or broker, unless not cost effective;
- Checking account statements (3–6 bank statements), certificates of deposit, bonds, or
financial statements supplied by a family if completed by a financial institution or broker;
- Estimates by a stockbroker or real estate agent of the net amount a family would receive if it
liquidated securities or real estate;
- Real estate tax statements if the approximate current market value can be deducted from
them;
- Financial statements for business assets;
- Copies of closing documents showing selling price and distribution of sales proceeds;
- Appraisals of personal property held as an investment; or
- A family’s self-certification describing assets or cash held at the family’s home or in safedeposit
boxes.
Note: When SDHC determines that requesting third-party written verifications to verify
asset accounts for applicants/participants constitutes a cost burden to the family and SDHC,
SDHC will use the Review of Documents method to verify all asset accounts.
Assets Disposed of for Less Than Fair Market Value (FMV) During Two Years
Preceding Effective Date of Certification or Recertification
At admissions and reexaminations, SDHC will obtain each family’s certification that it has or has not
disposed of assets for less than fair market value during the two years preceding the effective date
of the certification or recertification.
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