Tax Credit Specialist Questions and
Answers Verified 100% Correct
There are 5 different options for establishing a utility allowance for LIHTC unless:
- ANSWER The property is blended with a federal rental assistance program
The IRS considers full-time students to be those that meet their educational
institution's definition of full-time and attend classes for at least. - ANSWER 5 Months
of the calendar year
Occupancy Standards for LIHTC are established by: - ANSWER The Owner/Agent
Leases for LIHTC tenancy must be for a minimum of: - ANSWER 6 months
Rent limits for LIHTC represent Gross Rent consisting of: - ANSWER Contract rent
plus utility allowance plus non-optional fees
Citizenship as a tenant eligibility requirement for LIHTC is: - ANSWER At the
Owner's discretion
Determining a building's Applicable Fraction consists of a comparison between it's: -
ANSWER Unit percentage and square footage percentage
, The section 42 regulations for LIHTC say that annual income recertification is
not required for: - ANSWER 100% LIHTC sites
The Available Unit Rule applies when: - ANSWER The tenant's income increases
over 140% of the current income limit
When transferring between buildings at LIHTC sites, tenant income must be: - ANSWER
Below 140% of the current income limit
One of the two provisions included in the Vacant Unit Rule provides that: - ANSWER
Reasonable attempts to rent vacant LIHTC units should be made BEFORE renting
vacant market units
What fair housing laws do not apply to LIHTC - ANSWER Section 504 of the
Rehabilitation Act
Compliance reporting requirements for LIHTC is at the discretion of the state Housing
Agency, but the following is not: - ANSWER Owner's Certification of Continuing
Program Compliance
One of the requirements for a unit to be considered qualified as low-income in order
to generate tax credits is that its building be placed in service for at least: - ANSWER 30
Days
The student status of tenant household members is: - ANSWER Taken into consideration
for eligibility at all times
It is suggested that many of the documents discussed in this class be contained:
- ANSWER In a project data file
Answers Verified 100% Correct
There are 5 different options for establishing a utility allowance for LIHTC unless:
- ANSWER The property is blended with a federal rental assistance program
The IRS considers full-time students to be those that meet their educational
institution's definition of full-time and attend classes for at least. - ANSWER 5 Months
of the calendar year
Occupancy Standards for LIHTC are established by: - ANSWER The Owner/Agent
Leases for LIHTC tenancy must be for a minimum of: - ANSWER 6 months
Rent limits for LIHTC represent Gross Rent consisting of: - ANSWER Contract rent
plus utility allowance plus non-optional fees
Citizenship as a tenant eligibility requirement for LIHTC is: - ANSWER At the
Owner's discretion
Determining a building's Applicable Fraction consists of a comparison between it's: -
ANSWER Unit percentage and square footage percentage
, The section 42 regulations for LIHTC say that annual income recertification is
not required for: - ANSWER 100% LIHTC sites
The Available Unit Rule applies when: - ANSWER The tenant's income increases
over 140% of the current income limit
When transferring between buildings at LIHTC sites, tenant income must be: - ANSWER
Below 140% of the current income limit
One of the two provisions included in the Vacant Unit Rule provides that: - ANSWER
Reasonable attempts to rent vacant LIHTC units should be made BEFORE renting
vacant market units
What fair housing laws do not apply to LIHTC - ANSWER Section 504 of the
Rehabilitation Act
Compliance reporting requirements for LIHTC is at the discretion of the state Housing
Agency, but the following is not: - ANSWER Owner's Certification of Continuing
Program Compliance
One of the requirements for a unit to be considered qualified as low-income in order
to generate tax credits is that its building be placed in service for at least: - ANSWER 30
Days
The student status of tenant household members is: - ANSWER Taken into consideration
for eligibility at all times
It is suggested that many of the documents discussed in this class be contained:
- ANSWER In a project data file
