When the local housing authority makes initial determination of an applicant's eligibility for the Massachusetts Rental Voucher Program (MRVP), the applicant household's total assets are evaluated. They may not exceed one and one half times the gross household income of the applicant, or $15,000, whichever is greater.
An "asset" includes, but is not limited to, the following:
· The amount of all cash, savings, checking, money market or similar account, including the amount held in an Individual Retirement Account, 401 (k) pension, or similar retirement account subject to IRS regulation.
· The market value of equity in real property, stocks, bonds or other form of capital investment, whether personal or business, except the value of an applicant’s shares in a cooperative
· The value of equity in such personal property as boats, recreational vehicles, luxury goods. Value is determined by taking the higher of the insured value or appraised market value.
· Payment received or to be received in settlement of personal or property loss; money at interest and debts due applicant by any person(s), or the value of cash surrender insurance policies.
· The value of any business or personal asset disposed of by any household member (including a disposition in trust) for less than fair market value during the two years prior to the determination of eligibility to the extent of the difference between the fair market value and the consideration received.
· The value of any interest in a trust fund benefiting any adult household member.
Rental Voucher Program (MRVP) - Eligibility - Massachusetts
Rental Voucher Program (MRVP) - Overview - Massachusetts
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