1604(b)(2) Household asset limits for equity applicants

Asset Test Requirements

Pursuant to Police Code, Article 16, Section 1604(b)(2), Equity Program Applicants are required to have assets at limits established by the Office of Cannabis.

1604(b)(2): Asset Test

 

1. Asset Limits and Requirements

  1. The Office will consider applicants with net assets at, or below, three times the 80% median unadjusted area median income for the previous year, by Household size. For 2019, these limits are as follows:
     
    2019 Asset Limits and Requirements Per Household

    Household size

    1

    2

    3

    4

    5

    6

    7

    8

    9

    80% AMI

    71,700

    82,000

    92,250

    102,500

    110,700

    118,900

    127,100

    135,300

    143,500

    3X

    215,100

    246,000

    276,750

    307,500

    332,100

    356,700

    381,300

    405,900

    430,500

     

  2. Examples of liquid accounts that shall be disclosed include but are not limited to, saving accounts, checking accounts, certificates of deposit, money market accounts, stocks, trusts, and gifts.
     
  3. Qualified retirement accounts and an applicant’s primary residence shall be excluded for purposes of the calculation, but other forms of real estate shall be included. Such retirement accounts are limited to accounts that are intended for retirement and that would incur a penalty if withdrawn before a specified retirement age per each account.
     
  4. Applicants are required to submit no less than three current and consecutive statements from every liquid asset account or personal cash holdings, including all custodial accounts held for minors.
     
  5. The Director may consider granting an exemption on a one-time basis to applicants with assets that marginally exceed this measure.
     

2. Household Definition and Requirements

  1. As defined in Planning Code Section 401, and for the purpose of qualifying, a Household is defined as any person or persons who reside or intend to reside in the same residence
     
  2. All Spouses or Domestic Partners must be included in the Household and must appear in the submission content.
     
  3. All Household members who are under 18 years of age must be the legal dependent of an adult Household member, except in the case of emancipated minors, as claimed on the most recent income tax return, or legal minor children of title holders.
     
  4. Pregnant applicants will only be counted as two Household members with verifiable medical documentation.
     
  5. Temporarily absent Household members who intend to live in the residence upon return may be considered, if verifiable documentation supporting their absence is provided. Such Household members include, but are not limited to, Household members serving temporarily in the armed forces, or who are temporarily institutionalized.
     
  6. Live-in assistants and foster children will not be counted toward Household size.
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