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Lihtc Test - Basic Facts Exam Questions And Answers

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LIHTC TEST - BASIC FACTS EXAM QUESTIONS AND ANSWERS

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LIHTC TEST - BASIC FACTS EXAM
QUESTIONS AND ANSWERS



Tax Credits (Intro) - Correct Answers -When owners receive a *reduction* in tax liability

Tax Credits go towards (three things) - Correct Answers -1. New buildings/construction
2. Rehabilitation
3. Acquisition (if also Rehabilitating)

To Retain Tax Credits - Correct Answers -1. FILES - Rent to Qualified People
2. RENTS - Keep Rents Low (affordable)
3. UNITS - Maintain the Property

Four Players in Tax Credits - Correct Answers -1. General Partner
2. Limited Partner/Syndicators
3. The IRS
4. The State
Minimum Set Asides - Correct Answers -1. Irrevocable
2. Indicated on 8609

Other Set Aside Things To Know - Correct Answers -1. Should know Applicable
Fraction
2. Any Additional Set Asides
3. If the state or LIHTC set aside units are specific units (fixed) or if they float.

Types of Minimum Set Asides - Correct Answers -20-50
40-60
25-60 (NY)

General Partner - Correct Answers -Assumes Liability and is usually the "Developer"

Limited Partner/Syndicator - Correct Answers -Gives the money and owns most of the
property

The IRS - Correct Answers -Oversees the program

The State - Correct Answers -Allocates credits and moniters for compliance

Details about your Property (6 things) - Correct Answers -1. BIN

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