age 1 of 17
TAX CREDIT SPECIALIST EXAM STUDY GUIDE
2025/2026 ACCURATE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
Acquisition/rehab projects generally place in service at
acquisition and are given .......Answer.........120 days before
acquisition
120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course Manual pg.
525), the equity from the credit sale means that:
.......Answer.........The tax credit projects mortgage will be less
,age 2 of 17
than that of the conventional property providing less debt and
greater affordability
When conducting physical inspections for LIHTC, most state
agencies use: .......Answer.........HUD's Uniform Physical Condition
Standards (UPCS)
Who is responsible for most of the regulatory administration of
the low-income housing tax credit program?
.......Answer.........State Housing Finance Agencies (SHFA)
The initial compliance period for LIHTC properties combined with
the Extended Use Period must be for a minimum period of
affordability at: .......Answer.........30 Years
The LIHTC regulations require that HUD guidance for properly
identifying and calculating income and assets be followed
according to : .......Answer.........Hud Handbook 4350.3 REV-1
, age 3 of 17
Use of HUD's EIV system is: .......Answer.........Prohibited for LIHTC
income verifications
LIHTC legislation provisions include .......Answer.........HERA, ARRA,
VAWA
The first 3 stages in the life of a LIHTC property generally occur
whithin: .......Answer.........3 Years
A reservation letter received at the end of the application stage
for LIHTC means that .......Answer.........A portion of that years tax
credits will be held in reserve for a project
Carryover Allocations are issued by State Housing Federal
Agency (SHFA) for LIHTC projects when: .......Answer.........Their
10% tests have been met
TAX CREDIT SPECIALIST EXAM STUDY GUIDE
2025/2026 ACCURATE QUESTIONS WITH CORRECT
DETAILED ANSWERS || 100% GUARANTEED PASS
<RECENT VERSION>
Acquisition/rehab projects generally place in service at
acquisition and are given .......Answer.........120 days before
acquisition
120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course Manual pg.
525), the equity from the credit sale means that:
.......Answer.........The tax credit projects mortgage will be less
,age 2 of 17
than that of the conventional property providing less debt and
greater affordability
When conducting physical inspections for LIHTC, most state
agencies use: .......Answer.........HUD's Uniform Physical Condition
Standards (UPCS)
Who is responsible for most of the regulatory administration of
the low-income housing tax credit program?
.......Answer.........State Housing Finance Agencies (SHFA)
The initial compliance period for LIHTC properties combined with
the Extended Use Period must be for a minimum period of
affordability at: .......Answer.........30 Years
The LIHTC regulations require that HUD guidance for properly
identifying and calculating income and assets be followed
according to : .......Answer.........Hud Handbook 4350.3 REV-1
, age 3 of 17
Use of HUD's EIV system is: .......Answer.........Prohibited for LIHTC
income verifications
LIHTC legislation provisions include .......Answer.........HERA, ARRA,
VAWA
The first 3 stages in the life of a LIHTC property generally occur
whithin: .......Answer.........3 Years
A reservation letter received at the end of the application stage
for LIHTC means that .......Answer.........A portion of that years tax
credits will be held in reserve for a project
Carryover Allocations are issued by State Housing Federal
Agency (SHFA) for LIHTC projects when: .......Answer.........Their
10% tests have been met
