TAX CREDIT SPECIALIST EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS 100% GUARANTEED PASS A+ GRADED

K
C
LO
YC
D
U


TAX CREDIT SPECIALIST
ST




EXAM QUESTIONS AND
CORRECT VERIFIED
ANSWERS 100% GUARANTEED
PASS A+ GRADED

, 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:




K
HUD Handbook 4350.3 REV-1




C
The LIHTC regulations required that HUD guidance for properly identifying and calculating
income and assets be followed according to:




LO
Required for LIHTC income verifications
Use of HUD's Enterprise Income Verification (EIV) system is:
YC
HERA
ARRA
VAWA
The Following legislation includes provisions for LIHTC:
D

Three years
The first three stages in the life of a LIHTC property generally occurs within:
U


A portion of that year's tax credits will be held in reserve for a project
A reservation Letter received at the end of the Application Stage for LIHTC means that:
ST




Their 10% tests have been met
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.
Acquisition/Rehab projects generally place in service at acquisition and are given: