Tax Credit
Specialist Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, 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:
Specialist Exam
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, 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:
