JCAR890120-1011664r08 1 This version includes all HFS 1st ...

JCAR890120-1011664r082062206320642065206620672068206920702071207220732074207520762077207820792080208120822083208420852086208720882089209020912092209320942095209620972098209921002101210221032104agents or brokers that includes a report of any offer from prospectivebuyers. The Department will review cases in which the property has notbeen sold after six months and will consider the following factors indetermining if extensions of the initial six months are warranted:A) the asking price is less than the fair market value of the property;B) the property is marketed through a qualified realtor who isacting in good faith;C) there is not a substantial market for the type of propertybeing sold; andD) the person has not rejected any reasonable offer to buy theproperty.(Source: Amended at 35 Ill. Reg. ______, effective ____________)Section 120.381 Exempt ResourcesAssetsAABD MANG-assets exempt from consideration for AABD MANG shall be as follows:a) The following resourcesassets are exempt from consideration in determiningeligibility for medical assistance and the amount of the assistance payment:1) Homestead Property.propertyA) Homestead property is any property in which a person (and spouse,if any) has an ownership interest and that serves as the person'sprincipal place of residence. This property includes the shelter inwhich a person resides, the adjoining land on which the shelter islocated and related outbuildings.B) If a person (and spouse, if any) moves out of his or her homewithout the intent to return, the home is no longer exempt becauseit is no longer the person's principal place of residence. If a personleaves his or her home to live in a long term care facility, theproperty is considered exempt, irrespective of the person's intent toreturn, as long as a spouse or dependent relative of the eligibleperson continues to live there. The person's equity in the formerhome is treated as an available resource effective with the first dayof the month following the month it is no longer his or herprincipal place of residence.