(1) Resides in Pennsylvania;

(2) Is not an inmate of any penal institution or hospital for mental disease;

(3) Has actual annual income of his own of less than four thousand two hundred sixty dollars ($4,260);

(4) Owns real or personal property of a combined value of not more than seven thousand five hundred dollars ($7500); and who

(5) Has not disposed of any property without fair consideration within the two years immediately preceding the date of application for State blind pension, or while receiving such pension, if ownership of such property, together with his other property, would render him ineligible for such pension;

(6) Is not receiving supplemental security income for the aged, blind and disabled pursuant to Title XVI of the Federal Social Security Act.¹

With respect to the determination of eligibility for State blind pension, the value of real property shall be deemed to be its assessed value minus encumbrances but in no case shall the assessed value be more than thirty percent of the official market value; the value of personal property shall be deemed to be its actual value; and interest in property owned by the entireties shall be deemed to be a one-half interest. Determination of the amount of an applicant's income and the value of his property shall be made by the department without regard to any Federal laws or regulations respecting income and resources of applicants for aid to the blind. The valuation of real property for the purposes of clause (4) shall not be increased by reason of reassessment, except to the extent that the real property has been actually enlarged or improved. Determination of the amount of an applicant's income shall exclude any increase in (i) social security payments to him provided under Federal law and taking effect subsequent to January 1, 1971; (ii) railroad retirement benefits provided to him under the Railroad Retirement Act of 1937, 45 U.S.C. § 228 et seq., and taking effect subsequent to January 1, 1976; and (iii) veterans' benefits provided to him and administered by the Veterans' Administration and taking effect subsequent to January 1, 1976.