LIHTC (LOW INCOME HOUSING TAX
CREDIT) TEST 4 3353 WITH CORRECT
SOLUTIONS
LIHTC (Low Income Housing Tax Credit) - ANSWER-a program that is one of the
federal government's primary
policy tools for encouraging the development and rehabilitation of affordable rental
housing.
Affordable Rental Housing - ANSWER-housing that is appropriate for the needs of a
range of very low to moderate income households and priced so that these households
are also able to meet other basic living costs such as food, clothing, transport, medical
care and education. As a rule of thumb, housing is usually considered affordable if it
costs less than 30% of gross household income
Qualified rental projects - ANSWER-projects created by developers that meet the
criteria to receive nonrefundable federal housing tax credits
housing finance authorities - ANSWER-state-chartered authorities established to help
meet the affordable housing needs of the residents of their states. They administer a
wide range of affordable housing and community development programs.
Allocation - ANSWER-a process that begins at the federal level with each state
receiving an annual LIHTC allocation in accordance with federal law
Housing Finance Agencies (HFA) - ANSWER-State agencies that allocate credits to
developers of rental housing according to federally required, but state created allocation
plans called QAPs; responsible for the financing of housing and the administration of
subsidized housing programs; allocate Low-Income Housing Tax Credits and tax
exempt bond authority in each state
National Park Service - ANSWER-A federal agency that provides comprehensive
oversight of the growing system of national parks and historical property; administers
the FHPTI program in partnership with State Historic Preservation Offices
Internal Revenue Service (IRS) - ANSWER-The branch of the U.S. Treasury
Department in charge of collecting taxes and making rules for tax credits; administers
the FHPTI program and defines qualified rehabilitation expenses on which the credit
may be taken.
CREDIT) TEST 4 3353 WITH CORRECT
SOLUTIONS
LIHTC (Low Income Housing Tax Credit) - ANSWER-a program that is one of the
federal government's primary
policy tools for encouraging the development and rehabilitation of affordable rental
housing.
Affordable Rental Housing - ANSWER-housing that is appropriate for the needs of a
range of very low to moderate income households and priced so that these households
are also able to meet other basic living costs such as food, clothing, transport, medical
care and education. As a rule of thumb, housing is usually considered affordable if it
costs less than 30% of gross household income
Qualified rental projects - ANSWER-projects created by developers that meet the
criteria to receive nonrefundable federal housing tax credits
housing finance authorities - ANSWER-state-chartered authorities established to help
meet the affordable housing needs of the residents of their states. They administer a
wide range of affordable housing and community development programs.
Allocation - ANSWER-a process that begins at the federal level with each state
receiving an annual LIHTC allocation in accordance with federal law
Housing Finance Agencies (HFA) - ANSWER-State agencies that allocate credits to
developers of rental housing according to federally required, but state created allocation
plans called QAPs; responsible for the financing of housing and the administration of
subsidized housing programs; allocate Low-Income Housing Tax Credits and tax
exempt bond authority in each state
National Park Service - ANSWER-A federal agency that provides comprehensive
oversight of the growing system of national parks and historical property; administers
the FHPTI program in partnership with State Historic Preservation Offices
Internal Revenue Service (IRS) - ANSWER-The branch of the U.S. Treasury
Department in charge of collecting taxes and making rules for tax credits; administers
the FHPTI program and defines qualified rehabilitation expenses on which the credit
may be taken.
