Tax Credit Specialist Questions and Correct Answers the Latest Update and Recommended Version
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Course
Tax Credit Specialist
Institution
Tax Credit Specialist
Who is responsible for most of the regulatory administration of the Low-Income Housing Tax
Credit Programs?
Internal Revenue Service (IRS)
The initial Compliance Period for LIHTC properties combined with the Extended Use Period
must be for a minimum period of affordability at:
30 years
Th...
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Tax Credit Specialist Questions and
Correct Answers the Latest Update and
Recommended Version
Who is responsible for most of the regulatory administration of the Low-Income Housing Tax
Credit Programs?
✓ Internal Revenue Service (IRS)
The initial Compliance Period for LIHTC properties combined with the Extended Use Period
must be for a minimum period of affordability at:
✓ 30 years
The LIHTC regulations required that HUD guidance for properly identifying and calculating
income and assets be followed according to:
✓ HUD Handbook 4350.3 REV-1
Use of HUD's Enterprise Income Verification (EIV) system is:
✓ Required for LIHTC income verifications
The Following legislation includes provisions for LIHTC:
✓ HERA
✓ ARRA
✓ VAWA
The first three stages in the life of a LIHTC property generally occurs within:
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✓ Three years
A reservation Letter received at the end of the Application Stage for LIHTC means that:
✓ A portion of that year's tax credits will be held in reserve for a project
Carryover Allocations are issued by SHFAs for LIHTC projects when:
✓ Their 10% tests have been met
Acquisition/Rehab projects generally place in service at acquisition and are given:
✓ -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.
In the project example from appendix C (course manual pg. 525), the equity from the credit
sale means that:
✓ The tax credit project's mortgage will be less than that of the conventional property,
providing less debt and greater affordability.
When conducting physical inspections for LIHTC, most state agencies use:
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