LIHTC TEST - BASIC FACTS
QUESTIONS AND ANSWERS 100%
CORRECT
Tax Credits (Intro) - ANSWER-When owners receive a *reduction* in tax liability
Tax Credits go towards (three things) - ANSWER-1. New buildings/construction
2. Rehabilitation
3. Acquisition (if also Rehabilitating)
To Retain Tax Credits - ANSWER-1. FILES - Rent to Qualified People
2. RENTS - Keep Rents Low (affordable)
3. UNITS - Maintain the Property
Four Players in Tax Credits - ANSWER-1. General Partner
2. Limited Partner/Syndicators
3. The IRS
4. The State
General Partner - ANSWER-Assumes Liability and is usually the "Developer"
Limited Partner/Syndicator - ANSWER-Gives the money and owns most of the property
The IRS - ANSWER-Oversees the program
The State - ANSWER-Allocates credits and moniters for compliance
Details about your Property (6 things) - ANSWER-1. BIN
2. Income Limits
3. Maximum Allowable Gross Rent
4. UA Updates
5. Minimum Set Asides
6. Other Set Asides
UA Updates - ANSWER-Must be applies with in 90 days of being announced or must be
told to HFA and tenants 90 days before use.
Minimum Set Asides - ANSWER-1. Irrevocable
2. Indicated on 8609
Other Set Aside Things To Know - ANSWER-1. Should know Applicable Fraction
QUESTIONS AND ANSWERS 100%
CORRECT
Tax Credits (Intro) - ANSWER-When owners receive a *reduction* in tax liability
Tax Credits go towards (three things) - ANSWER-1. New buildings/construction
2. Rehabilitation
3. Acquisition (if also Rehabilitating)
To Retain Tax Credits - ANSWER-1. FILES - Rent to Qualified People
2. RENTS - Keep Rents Low (affordable)
3. UNITS - Maintain the Property
Four Players in Tax Credits - ANSWER-1. General Partner
2. Limited Partner/Syndicators
3. The IRS
4. The State
General Partner - ANSWER-Assumes Liability and is usually the "Developer"
Limited Partner/Syndicator - ANSWER-Gives the money and owns most of the property
The IRS - ANSWER-Oversees the program
The State - ANSWER-Allocates credits and moniters for compliance
Details about your Property (6 things) - ANSWER-1. BIN
2. Income Limits
3. Maximum Allowable Gross Rent
4. UA Updates
5. Minimum Set Asides
6. Other Set Asides
UA Updates - ANSWER-Must be applies with in 90 days of being announced or must be
told to HFA and tenants 90 days before use.
Minimum Set Asides - ANSWER-1. Irrevocable
2. Indicated on 8609
Other Set Aside Things To Know - ANSWER-1. Should know Applicable Fraction
