Internal Revenue Service (IRS) - Answers -Who is responsible for most of the regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - Answers -The initial Compliance Period for LIHTC properties combined with the Extended Use Period must be for a minimum period of affor...
TAX CREDIT SPECIALIST QUESTIONS AND ANSWERS
Internal Revenue Service (IRS) - Answers -Who is responsible for most of the
regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - Answers -The initial Compliance Period for LIHTC properties combined with
the Extended Use Period must be for a minimum period of affordability at:
HUD Handbook 4350.3 REV-1 - Answers -The LIHTC regulations required that HUD
guidance for properly identifying and calculating income and assets be followed
according to:
Required for LIHTC income verifications - Answers -Use of HUD's Enterprise Income
Verification (EIV) system is:
HERA
ARRA
VAWA - Answers -The Following legislation includes provisions for LIHTC:
Three years - Answers -The first three stages in the life of a LIHTC property generally
occurs within:
A portion of that year's tax credits will be held in reserve for a project - Answers -A
reservation Letter received at the end of the Application Stage for LIHTC means that:
Their 10% tests have been met - Answers -Carryover Allocations are issued by SHFAs
for LIHTC projects when:
-120 days before acquisition to qualify existing tenants and claim credits from
acquisition.
-120 days after acquisition to qualify existing tenants and claim credits from acquisition.
-240 days surrounding the acquisition date to qualify existing tenants and claim credits
from acquisition. - Answers -Acquisition/Rehab projects generally place in service at
acquisition and are given:
The eligible Basis multiplied by the Applicable Fraction
(Pg. 315) - Answers -The Qualified Basis consists of:
40% of the LIHTC project's units must have average income of 60% or less - Answers -
The average income option for the minimum set-aside requires that:
They are held to the highest limits from Placed in Service - Answers -Hold Harmless for
LIHTC income limits means that:
, The property is blended with a federal rental assistance program - Answers -There are
five different options for establishing a Utility Allowance for LIHTC unless:
Five months of the calendar year - Answers -The IRS considered full-time students to
be those that meet their educational institution's definition of full-time and attend classes
for at least:
The Owner/Agent - Answers -Occupancy Standards for LIHTC are established by:
Six Months - Answers -Leases for LIHTC tenancy must be for a minimum of:
Contract rent plus utility allowances plus non-optional fees - Answers -Rent limits for
LIHTC represent Gross Rent consisting of:
At the Owner's discretion - Answers -Citizenship as a tenant eligibility requirement for
LIHTC:
Unit percentage and square footage percentage - Answers -Determining a building's
applicable fraction consists of a comparison between its:
100% LIHTC sites - Answers -The section 42 regulations for LIHTC say that annual
income recertification is not required for:
The tenant's income increases over 140% of the current income limit - Answers -The
Available Unit Rule applies when:
Below 140% of the current income limit - Answers -When transferring between buildings
at LIHTC sites, tenant income must be:
Reasonable attempts to rent vacant LIHTC units should be made before renting vacant
market units - Answers -One of the two provisions included in the Vacant Unit Rule
provides that:
Section 504 of the Rehabilitation Act - Answers -Which of the following Fair Housing
Laws do not Apply to LIHTC?
Owner's Certification of Continuing Program Compliance - Answers -Compliance
reporting requirements for LIHTC is at the discretion of the State Housing Agency, but
the following is not:
30 days - Answers -One of the requirements for a unit to be considered qualified as low-
income in order to generate tax credits is that its building be placed in service for at
least:
Taken into consideration for eligibility at all times - Answers -The students status of
tenant household members is:
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