LIHTC TEST - Basic Facts
Questions And Answers With Verified
Solutions 100% Correct!!!
Tax Credits (Intro)
ANSWER: Tax credits reduce the tax liability of the property owner.
Tax Credits go towards (Three Things)
ANSWER:
1. New buildings/construction
2. Rehabilitation
3. Acquisition (if also rehabilitating)
To Retain Tax Credits
ANSWER:
1. FILES - Rent to qualified people
2. RENTS - Keep rents affordable
3. UNITS - Maintain the property
Four Players in Tax Credits
ANSWER:
1. General Partner
2. Limited Partner/Syndicators
3. The IRS
4. The State
Roles of the Players:
General Partner: Assumes liability and is typically the "developer" of the
project.
Limited Partner/Syndicator: Provides funding and owns most of the
property.
The IRS: Oversees the program.
Questions And Answers With Verified
Solutions 100% Correct!!!
Tax Credits (Intro)
ANSWER: Tax credits reduce the tax liability of the property owner.
Tax Credits go towards (Three Things)
ANSWER:
1. New buildings/construction
2. Rehabilitation
3. Acquisition (if also rehabilitating)
To Retain Tax Credits
ANSWER:
1. FILES - Rent to qualified people
2. RENTS - Keep rents affordable
3. UNITS - Maintain the property
Four Players in Tax Credits
ANSWER:
1. General Partner
2. Limited Partner/Syndicators
3. The IRS
4. The State
Roles of the Players:
General Partner: Assumes liability and is typically the "developer" of the
project.
Limited Partner/Syndicator: Provides funding and owns most of the
property.
The IRS: Oversees the program.
