Tax Credit Specialist Exam (Latest Update 2026) UPDATE!!
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Terms in this set (61)
Who is responsible for most of the regulatory State Housing Finance Agencies (SHFA)
administration of the low-income housing tax credit
program?
The initial compliance period for LIHTC properties 30 Years
combined with the Extended Use Period must be for a
minimum period of affordability at:
The LIHTC regulations require that HUD guidance for Hud Handbook 4350.3 REV-1
properly identifying and calculating income and assets
be followed according to :
Use of HUD's EIV system is: Prohibited for LIHTC income verifications
LIHTC legislation provisions include HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property 3 Years
generally occur whithin:
A reservation letter received at the end of the A portion of that years tax credits will be held in reserve for a project
application stage for LIHTC means that
, Carryover Allocations are issued by State Housing Their 10% tests have been met
Federal Agency (SHFA) for LIHTC projects when:
Acquisition/rehab projects generally place in service at 120 days before acquisition
acquisition and are given 120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course The tax credit projects mortgage will be less than that of the conventional
Manual pg. 525), the equity from the credit sale means property providing less debt and greater affordability
that:
When conducting physical inspections for LIHTC, most HUD's Uniform Physical Condition Standards (UPCS)
state agencies use:
The two most important line items for management 8B and 10C
purposes under Part ll of IRS form 8609 are:
IRS form 8823 is used to: Report non-compliance to the IRS by the state agency
A Tax credit disallowance prevents credits from being For the current year
claimed by the owner
LIHTC resyndication means that: Owners receive a second allocation of tax credits for an existing LIHTC
property
For LIHTC, an individual's income is determined in a Determination of income under Section 8 of the US housing act of 1937
manner consistent with:
IRS Notice 88-80 (Course manual pg. 447)
Income for foster children under the age of 18 is Employment Income
counted except for:
Figure 5-2, Page 5-8 (Course Manual pg. 86)
When Section 8 assistance is provided for a LIHTC All financial assistance in excess of tuition and mandatory fees is included in
tenant and they are receiving educational scholarships annual income, with two exceptions:
or grants, then: 1. Over age 23 with dependent child
2. Living with parents who are receiving assistance
Paragraph 5-6E, Pg. 5-11 (Course Manual pg. 89)
Students not receiving section 8 assistance: Don't include student financial assistance in annual income
Paragraph 5-6E, Pg. 5-11 (Course Manual pg. 89)
comprehensive questions fully solved & updated
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
Mississippi Real Estate Exam, PSI RE... EC410 Test 1 Real Estate Texas Exam HS
Teacher 168 terms Teacher 30 terms Teacher 268 terms Te
chezstar007 Preview dianawesonga66 Preview joseph_gachoki6 Preview
Terms in this set (61)
Who is responsible for most of the regulatory State Housing Finance Agencies (SHFA)
administration of the low-income housing tax credit
program?
The initial compliance period for LIHTC properties 30 Years
combined with the Extended Use Period must be for a
minimum period of affordability at:
The LIHTC regulations require that HUD guidance for Hud Handbook 4350.3 REV-1
properly identifying and calculating income and assets
be followed according to :
Use of HUD's EIV system is: Prohibited for LIHTC income verifications
LIHTC legislation provisions include HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property 3 Years
generally occur whithin:
A reservation letter received at the end of the A portion of that years tax credits will be held in reserve for a project
application stage for LIHTC means that
, Carryover Allocations are issued by State Housing Their 10% tests have been met
Federal Agency (SHFA) for LIHTC projects when:
Acquisition/rehab projects generally place in service at 120 days before acquisition
acquisition and are given 120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course The tax credit projects mortgage will be less than that of the conventional
Manual pg. 525), the equity from the credit sale means property providing less debt and greater affordability
that:
When conducting physical inspections for LIHTC, most HUD's Uniform Physical Condition Standards (UPCS)
state agencies use:
The two most important line items for management 8B and 10C
purposes under Part ll of IRS form 8609 are:
IRS form 8823 is used to: Report non-compliance to the IRS by the state agency
A Tax credit disallowance prevents credits from being For the current year
claimed by the owner
LIHTC resyndication means that: Owners receive a second allocation of tax credits for an existing LIHTC
property
For LIHTC, an individual's income is determined in a Determination of income under Section 8 of the US housing act of 1937
manner consistent with:
IRS Notice 88-80 (Course manual pg. 447)
Income for foster children under the age of 18 is Employment Income
counted except for:
Figure 5-2, Page 5-8 (Course Manual pg. 86)
When Section 8 assistance is provided for a LIHTC All financial assistance in excess of tuition and mandatory fees is included in
tenant and they are receiving educational scholarships annual income, with two exceptions:
or grants, then: 1. Over age 23 with dependent child
2. Living with parents who are receiving assistance
Paragraph 5-6E, Pg. 5-11 (Course Manual pg. 89)
Students not receiving section 8 assistance: Don't include student financial assistance in annual income
Paragraph 5-6E, Pg. 5-11 (Course Manual pg. 89)
