LIHTC TEST - Basic Facts questions and answers with solutions 2025

LIHTC TEST - Basic Facts questions and
answers with solutions 2025
Tax Credits (Intro) - ANSWER When owners receive a *reduction* in tax liability
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Tax Credits go towards (three things) - ANSWER 1. New buildings/construction
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2. Rehabilitation
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3. Acquisition (if also Rehabilitating)
O O O O




To Retain Tax Credits - ANSWER 1. FILES - Rent to Qualified People
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2. RENTS - Keep Rents Low (affordable)
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3. UNITS - Maintain the Property
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Four Players in Tax Credits - ANSWER 1. General Partner
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2. Limited Partner/Syndicators
O O




3. The IRS
O O




4. The State
O O




General Partner - ANSWER Assumes Liability and is usually the "Developer"
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Limited Partner/Syndicator - ANSWER Gives the money and owns most of the property
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The IRS - ANSWER Oversees the program
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The State - ANSWER Allocates credits and moniters for compliance
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Details about your Property (6 things) - ANSWER 1. BIN
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