Tax Credit Property Management - Exam
Prep Questions And Answers With
Verified Solutions Rated A+
How Long is the extended use period, past the compliance period? - ANSWER✔✔
At least 15 years
Which player serves as the General Partner? - ANSWER✔✔ Developer
In which year did the low-income housing tax credit program begin -
ANSWER✔✔ 1986
Who recruits the investor? - ANSWER✔✔ The Syndicator
How many years is the credit period? - ANSWER✔✔ 10 years
What agency creates the qualified allocation plan (QAP)? - ANSWER✔✔ The
state agency
What rate do investors usually pay for housing credits? - ANSWER✔✔ Less than
face value
Who does the IRS hold responsible for compliance with the Housing Credit
Programs? - ANSWER✔✔ The taxpayer
Properties that have been award credits must comply with the requirement of
which Internal Revenue Code? - ANSWER✔✔ Section 42
, What agency is responsible for the overall enforcement of Section 42? -
ANSWER✔✔ Investment agency
Which player awards housing credits to developers? - ANSWER✔✔ State agency
Who can take away the developer's credits? - ANSWER✔✔ IRS
How often should the monitoring agent conduct a file review and physical
inspections of low-income units? - ANSWER✔✔ At least every three years
What is the placed-in-service date? - ANSWER✔✔ The date a building can begin
leasing its tax credit units
Under the HOME program, what percentage of HOME-assisted units must be
occupied by low-income household? - ANSWER✔✔ 80%
Who makes the minimum set-aside decision for a development? - ANSWER✔✔
The Developer
In a 60-unit development with a minimum set-aside of 20/25, what is the lowest
number of units that must be rented to qualified household? - ANSWER✔✔ 12
(20% of 60)
In a 60-unit development with a minimum set-aside of 40/60, what is the lowest
number of units that must be rented to qualified households? - ANSWER✔✔ 24
(40% of 60)
Prep Questions And Answers With
Verified Solutions Rated A+
How Long is the extended use period, past the compliance period? - ANSWER✔✔
At least 15 years
Which player serves as the General Partner? - ANSWER✔✔ Developer
In which year did the low-income housing tax credit program begin -
ANSWER✔✔ 1986
Who recruits the investor? - ANSWER✔✔ The Syndicator
How many years is the credit period? - ANSWER✔✔ 10 years
What agency creates the qualified allocation plan (QAP)? - ANSWER✔✔ The
state agency
What rate do investors usually pay for housing credits? - ANSWER✔✔ Less than
face value
Who does the IRS hold responsible for compliance with the Housing Credit
Programs? - ANSWER✔✔ The taxpayer
Properties that have been award credits must comply with the requirement of
which Internal Revenue Code? - ANSWER✔✔ Section 42
, What agency is responsible for the overall enforcement of Section 42? -
ANSWER✔✔ Investment agency
Which player awards housing credits to developers? - ANSWER✔✔ State agency
Who can take away the developer's credits? - ANSWER✔✔ IRS
How often should the monitoring agent conduct a file review and physical
inspections of low-income units? - ANSWER✔✔ At least every three years
What is the placed-in-service date? - ANSWER✔✔ The date a building can begin
leasing its tax credit units
Under the HOME program, what percentage of HOME-assisted units must be
occupied by low-income household? - ANSWER✔✔ 80%
Who makes the minimum set-aside decision for a development? - ANSWER✔✔
The Developer
In a 60-unit development with a minimum set-aside of 20/25, what is the lowest
number of units that must be rented to qualified household? - ANSWER✔✔ 12
(20% of 60)
In a 60-unit development with a minimum set-aside of 40/60, what is the lowest
number of units that must be rented to qualified households? - ANSWER✔✔ 24
(40% of 60)
