Management HandbookForm Instructions

TC-80ahrtASSET DIVESTITURE AND/OR CASH-0N-HAND

CERTIFICATION

The “Asset Divestiture and/or Cash-on-Hand Certification” form is required for all HUD and USDA-RD properties at move-in or for any other relevant certification. It will also be required for non-assisted Housing Tax Credit and City of Albuquerque Affordable Program properties when the household’s assets are valued at or above $ 5000.

Every adulthousehold member will complete his/her own form.EXCEPTION: Household members with a spouse will complete “one” form.

Please follow these instructions:

  1. Please review the “Penalties” section of the form with the applicant(s) or resident(s) before giving them a form to complete. Then, ask the Household member and Spouse (if relevant), to print his/her name and date. The unit number can be added when known.
  1. Ask the applicant(s) or resident(s) to answer and mark the questions in the “Asset Divestiture Certification” section as relevant. Please remember that if he/she/they have divested of assets, documentation of the information must be provided: sales records, Quit-Claim Deeds, notarized statements, etc. Foreclosures are not considered to be a divested or disposed of asset for less than fair market value. However, documentation of the foreclosure is required.
  1. Ask the applicant(s) or resident(s) to list any cash-on-hand he/she/they may have in the “Cash-on Hand” section of the form. If they do not have cash-on-hand they can place a zero “0”, NO or NONE in the space provided. Please do not use N/A – this question is relevant.
  1. Ensure that the applicant(s) or residents(s) has/have read the certification section, then signed and dated the form. It is appropriate for you to give a photocopy to the household upon request.
  1. When the form is completed, the Owner/Owner’s Agent must check the form for completion. And, if necessary, follow up with additional verification paperwork as relevant. Once finalized, this form and any documentation will be placed with the certification paperwork in the applicant/resident file.

Remember that ALL assets with cash value will be listed on the Resident

Certification (HUD 50059, USDA-RD 3560-8, Housing Credit & Affordable

Housing program TIC, along with formsTC-59, or TC-59t, TC-59ahp (if used).

Every $1 is important to program eligibility.

There are special steps for entering” divested” assets into the computer system. Please contact the Compliance Specialist for assistance BEFORE adding this information.

This form does NOT take the place of other asset verifications or the “Under $ 5000 Asset Certification” form. Bank accounts, etc. should always be verified per program requirements.

If you have any questions or concerns regarding the above, please contact your Compliance Specialist in the Compliance Department for assistance.

Asset Divestiture/Cash-on-Hand Certification (9/15) Page 1 of 1TC-80ahrt