Tax Credit Specialist | 2025-2026 LATEST UPDATED| 55 ACTUAL EXAM
COMPLETE QUESTIONS AND ANSWERS | 100% RATED CORRECT |
100% VERFIED | ALREADY GRADED A+
Internal Revenue Service (IRS) - (ANSWER)Who is responsible for most of the
regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - (ANSWER)The initial Compliance Period for LIHTC properties
combined with the Extended Use Period must be for a minimum period of
affordability at:
HUD Handbook 4350.3 REV-1 - (ANSWER)The LIHTC regulations required that
HUD guidance for properly identifying and calculating income and assets be
followed according to:
Required for LIHTC income verifications - (ANSWER)Use of HUD's Enterprise
Income Verification (EIV) system is:
HERA
ARRA
VAWA - (ANSWER)The Following legislation includes provisions for LIHTC:
Three years - (ANSWER)The first three stages in the life of a LIHTC property
generally occurs within:
, A portion of that year's tax credits will be held in reserve for a project -
(ANSWER)A reservation Letter received at the end of the Application Stage for
LIHTC means that:
Their 10% tests have been met - (ANSWER)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. - (ANSWER)Acquisition/Rehab projects generally place
in service at acquisition and are given:
The tax credit project's mortgage will be less than that of the conventional
property, providing less debt and greater affordability. - (ANSWER)In the project
example from appendix C (course manual pg. 525), the equity from the credit sale
means that:
HUD's Uniform Physical Condition Standards (UPCS) - (ANSWER)When
conducting physical inspections for LIHTC, most state agencies use:
8B and 10C - (ANSWER)The two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - (ANSWER)IRS Form
8823 is used to:
COMPLETE QUESTIONS AND ANSWERS | 100% RATED CORRECT |
100% VERFIED | ALREADY GRADED A+
Internal Revenue Service (IRS) - (ANSWER)Who is responsible for most of the
regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - (ANSWER)The initial Compliance Period for LIHTC properties
combined with the Extended Use Period must be for a minimum period of
affordability at:
HUD Handbook 4350.3 REV-1 - (ANSWER)The LIHTC regulations required that
HUD guidance for properly identifying and calculating income and assets be
followed according to:
Required for LIHTC income verifications - (ANSWER)Use of HUD's Enterprise
Income Verification (EIV) system is:
HERA
ARRA
VAWA - (ANSWER)The Following legislation includes provisions for LIHTC:
Three years - (ANSWER)The first three stages in the life of a LIHTC property
generally occurs within:
, A portion of that year's tax credits will be held in reserve for a project -
(ANSWER)A reservation Letter received at the end of the Application Stage for
LIHTC means that:
Their 10% tests have been met - (ANSWER)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. - (ANSWER)Acquisition/Rehab projects generally place
in service at acquisition and are given:
The tax credit project's mortgage will be less than that of the conventional
property, providing less debt and greater affordability. - (ANSWER)In the project
example from appendix C (course manual pg. 525), the equity from the credit sale
means that:
HUD's Uniform Physical Condition Standards (UPCS) - (ANSWER)When
conducting physical inspections for LIHTC, most state agencies use:
8B and 10C - (ANSWER)The two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - (ANSWER)IRS Form
8823 is used to:
