For determining eligibility for assistance, consider the value of real estate as its current market value less the total amount of indebtedness. In determining the value of real property, do not use the assessed value as the sole basis of the determination. Use the assessed value to confirm the claimant’s statement if eligibility is not in question.
In reinvestigations, accept a claimant’s statement of equity if reasonable, unless substantial improvements have been made in the condition of the property.