TAX CREDIT SPECIALIST EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

TAX CREDIT SPECIALIST EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS 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.