Tax Credit Specialist Exam Questions And Answers Latest Update
Tax Credit Specialist Exam Questions
And Answers Latest Update
Who is responsible for most of the regulatory administration of the low-income
housing tax credit program? - ✔✔✔-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: - ✔✔✔-30 Years
The LIHTC regulations require that HUD guidance for properly identifying and
calculating income and assets be followed according to : - ✔✔✔-Hud Handbook
4350.3 REV-1
Use of HUD's EIV system is: - ✔✔✔-Prohibited for LIHTC income verifications
LIHTC legislation provisions include - ✔✔✔-HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: - ✔✔✔-3
Years
A reservation letter received at the end of the application stage for LIHTC means
that - ✔✔✔-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: - ✔✔✔-Their 10% tests have been met
Acquisition/rehab projects generally place in service at acquisition and are given -
✔✔✔-120 days before acquisition
120 days after acquisition
240 days surrounding the acquisition
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, Tax Credit Specialist Exam Questions And Answers Latest Update
In the project example from Appendix C (Course Manual pg. 525), the equity from
the credit sale means that: - ✔✔✔-The tax credit projects mortgage will be less
than that of the conventional property providing less debt and greater affordability
When conducting physical inspections for LIHTC, most state agencies use: - ✔✔✔-
HUD's Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS
form 8609 are: - ✔✔✔-8B and 10C
IRS form 8823 is used to: - ✔✔✔-Report non-compliance to the IRS by the state
agency
A Tax credit disallowance prevents credits from being claimed by the owner - ✔✔✔-
For the current year
LIHTC resyndication means that: - ✔✔✔-Owners receive a second allocation of tax
credits for an existing LIHTC property
For LIHTC, an individual's income is determined in a manner consistent with: -
✔✔✔-Determination of income under Section 8 of the US housing act of 1937
IRS Notice 88-80 (Course manual pg. 447)
Income for foster children under the age of 18 is counted except for: - ✔✔✔-
Employment Income
Figure 5-2, Page 5-8 (Course Manual pg. 86)
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Tax Credit Specialist Exam Questions
And Answers Latest Update
Who is responsible for most of the regulatory administration of the low-income
housing tax credit program? - ✔✔✔-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: - ✔✔✔-30 Years
The LIHTC regulations require that HUD guidance for properly identifying and
calculating income and assets be followed according to : - ✔✔✔-Hud Handbook
4350.3 REV-1
Use of HUD's EIV system is: - ✔✔✔-Prohibited for LIHTC income verifications
LIHTC legislation provisions include - ✔✔✔-HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: - ✔✔✔-3
Years
A reservation letter received at the end of the application stage for LIHTC means
that - ✔✔✔-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: - ✔✔✔-Their 10% tests have been met
Acquisition/rehab projects generally place in service at acquisition and are given -
✔✔✔-120 days before acquisition
120 days after acquisition
240 days surrounding the acquisition
©®™ Page 1
, Tax Credit Specialist Exam Questions And Answers Latest Update
In the project example from Appendix C (Course Manual pg. 525), the equity from
the credit sale means that: - ✔✔✔-The tax credit projects mortgage will be less
than that of the conventional property providing less debt and greater affordability
When conducting physical inspections for LIHTC, most state agencies use: - ✔✔✔-
HUD's Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS
form 8609 are: - ✔✔✔-8B and 10C
IRS form 8823 is used to: - ✔✔✔-Report non-compliance to the IRS by the state
agency
A Tax credit disallowance prevents credits from being claimed by the owner - ✔✔✔-
For the current year
LIHTC resyndication means that: - ✔✔✔-Owners receive a second allocation of tax
credits for an existing LIHTC property
For LIHTC, an individual's income is determined in a manner consistent with: -
✔✔✔-Determination of income under Section 8 of the US housing act of 1937
IRS Notice 88-80 (Course manual pg. 447)
Income for foster children under the age of 18 is counted except for: - ✔✔✔-
Employment Income
Figure 5-2, Page 5-8 (Course Manual pg. 86)
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