Residents who are property rich and cash poor will be able to receive Government financial assistance under new legislation beginning in July.

Amendments to the Financial Assistance Act 2001 were tabled by Health Minister Patrice Minors in the House yesterday, making homeowners with an annual rental value not exceeding $9,900 eligible for financial assistance.

Under the new regulations people who apply for assistance are evaluated according to their total household income. They must not have any investments in Bermuda or elsewhere exceeding $5,000.

?The new procedure provides for assessment based on household income and the determination of household needs. This definition of household income is significant as it allows for the responsibility of family welfare to be borne by all contributing members of the household,? said Mrs. Minors.

Requirements by the Department of Financial Assistance stipulate that people eligible for financial assistance have expenses which exceed the amount of the household income.

Mrs. Minors said the regulations may be particularly beneficial to the Island?s elderly as Government contributes a maximum of $3,500 towards nursing home care.

?The regulations will capture the age of people ? the old and the not so old with the aim to get people to move to financial independence,? she said.

What happens if both heads of a household are unemployed? Mrs. Minors said there must be an attempt by the individuals to seek employment even if they are eligible for financial support.

?One part of financial assistance is that we encourage people to seek employment and it is required to have a form they bring in which says they are at least looking,? she said. An amendment also establishes a Financial Assistance Review Board through which decisions can be appealed.