Liquid Assets

• According to the USDA FNS, most individuals may not have more than $2,000 in liquid assets in a stock portfolio, 401(k) retirement plan, cash or savings account and Individual Retirement Account (IRA). Some states, such as Connecticut, do not count retirement accounts as assets. For disabled applicants or those aged 60 or over, this limit increased to $3,000 as of 2010.
  
  

Vehicles

• The USDA allows households to own licensed vehicles and apply for food stamps if applicants meet certain conditions. No adult household member may own a vehicle with a fair market value over $4,650 as of 2010. Multiple vehicles owned by the same person must have a fair market value of $1,500 or less, and they must be necessary in order to produce income or to transport a disabled family member. Vehicles used by a child under the age of 18 are exempt from property limits if the child drives to work or school.
  
  

Real Estate

• Food stamp applicants may own property or land as long as this real estate is not investment or commercial (income producing) property. Neither state social services nor the federal government sets any limits on the value of the primary residence of an applicant.
  
  

Expedited Assistance

• Most states offer emergency food stamps to individuals who have less than $100 in liquid assets and make less than $150 a month. How soon emergency food stamps are provided varies by state. Minnesota offers food stamps within 24 hours of application in emergency cases whereas Connecticut offers expedited food stamps within seven days. Normal assistance can take up to 30 days to process.
  
  

Exceptions

• States may set their own rules for food stamps that are more generous than those set by the USDA FNS. For example, the state of Minnesota does not require an asset test for residents who have received a Domestic Violence Information Brochure and earn income under 165 percent of the federal poverty level (FPL). Connecticut allows the elderly or disabled to apply for food stamps regardless of liquid assets if these residents earn less than 185% of the FPL. Residents should ask their local social services agency about property limits for their state.