Principal Residence

The following property may serve as a principal residence:

A mobile home
A houseboat
A motor vehicle used as a residence
Any other shelter not attached to the land and used as a residence
The entire multiple unit dwelling if any portion serves as the principal residence of the applicant or beneficiary

Property (real or personal) which the applicant or recipient uses as a home is exempt as the principal residence. A former home is exempt even if the applicant or recipient is absent from the property for any reason, including admittance to an LTC facility, as long as he/she declares in writing his/her intent to return to the former home to live. If a portion of a multiple unit dwelling is the applicant/recipient's home, the entire property is exempt. If the home is on land which contains other buildings, all the land surrounding and contiguous to the residence, and all other buildings on the land are exempt as the principal residence.

No utilization is required of the principal residence. However, if the property cannot be exempt as the principal residence, it becomes “Other Real Property” and utilization may apply. Although an exempt principal residence is not subject to utilization requirements, the net nonexempt income received from the rental of the principal residence is countable income.
The exempt principal residence may be sold or transferred by the recipient at any time, at any price, with no subsequent period of ineligibility. However, property reserve limits must be explored, except when the recipient intends to buy a new principal residence within six months.

Principal Residence

Related Topics