Tax Credit Specialist questions and answers
with solutions 2025
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:
HUD's Uniform Physical Condition Standards (UPCS) - ANSWER When conducting physical
inspections for LIHTC, most state agencies use:
8B and 10C - ANSWER The two most important line items for management purposes under Part
II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - ANSWER IRS Form 8823 is used to:
for the current year - ANSWER A tax credit disallowance prevents credits from being claimed by
the owner:
Owners receive a second allocation of tax credits for an existing LIHTC property - ANSWER LIHTC
resyndication means that:
Determination of income under section 8 of the US Housing Act of 1937
(IRS Notice 88-80, Course Manual pg. 447) - ANSWER For LIHTC, an individual's income is
determined in a manner consistent with:
Employment Income
with solutions 2025
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:
HUD's Uniform Physical Condition Standards (UPCS) - ANSWER When conducting physical
inspections for LIHTC, most state agencies use:
8B and 10C - ANSWER The two most important line items for management purposes under Part
II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - ANSWER IRS Form 8823 is used to:
for the current year - ANSWER A tax credit disallowance prevents credits from being claimed by
the owner:
Owners receive a second allocation of tax credits for an existing LIHTC property - ANSWER LIHTC
resyndication means that:
Determination of income under section 8 of the US Housing Act of 1937
(IRS Notice 88-80, Course Manual pg. 447) - ANSWER For LIHTC, an individual's income is
determined in a manner consistent with:
Employment Income
