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Tax Credit Specialist
Saved Groups
Internal Revenue Service (IRS) Who is responsible for most of the regulatory
administration of the Low-Income Housing Tax
Credit Programs?
30 years 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 The LIHTC regulations required that HUD guidance
for properly identifying and calculating income
and assets be followed according to:
Required for LIHTC income Use of HUD's Enterprise Income Verification (EIV)
verifications system is:
HERA The Following legislation includes provisions for
ARRA LIHTC:
VAWA
Three years The first three stages in the life of a LIHTC property
generally occurs within:
, A portion of that year's tax credits A reservation Letter received at the end of the
will be held in reserve for a project Application Stage for LIHTC means that:
Their 10% tests have been met Carryover Allocations are issued by SHFAs for
LIHTC projects when:
-120 days before acquisition to Acquisition/Rehab projects generally place in
qualify existing tenants and claim service at acquisition and are given:
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.
The tax credit project's mortgage will In the project example from appendix C (course
be less than that of the conventional manual pg. 525), the equity from the credit sale
property, providing less debt and means that:
greater affordability.
HUD's Uniform Physical Condition When conducting physical inspections for LIHTC,
Standards (UPCS) most state agencies use:
8B and 10C The two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS IRS Form 8823 is used to:
by the State Agency
for the current year A tax credit disallowance prevents credits from
being claimed by the owner:
Tax Credit Specialist
Saved Groups
Internal Revenue Service (IRS) Who is responsible for most of the regulatory
administration of the Low-Income Housing Tax
Credit Programs?
30 years 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 The LIHTC regulations required that HUD guidance
for properly identifying and calculating income
and assets be followed according to:
Required for LIHTC income Use of HUD's Enterprise Income Verification (EIV)
verifications system is:
HERA The Following legislation includes provisions for
ARRA LIHTC:
VAWA
Three years The first three stages in the life of a LIHTC property
generally occurs within:
, A portion of that year's tax credits A reservation Letter received at the end of the
will be held in reserve for a project Application Stage for LIHTC means that:
Their 10% tests have been met Carryover Allocations are issued by SHFAs for
LIHTC projects when:
-120 days before acquisition to Acquisition/Rehab projects generally place in
qualify existing tenants and claim service at acquisition and are given:
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.
The tax credit project's mortgage will In the project example from appendix C (course
be less than that of the conventional manual pg. 525), the equity from the credit sale
property, providing less debt and means that:
greater affordability.
HUD's Uniform Physical Condition When conducting physical inspections for LIHTC,
Standards (UPCS) most state agencies use:
8B and 10C The two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS IRS Form 8823 is used to:
by the State Agency
for the current year A tax credit disallowance prevents credits from
being claimed by the owner:
