Tax Credit Specialist Questions and
Answers Verified 100% Correct
All financial assistance in excess of tuition and mandatory fees is included in
annual income, with two exceptions
(Paragraph 5-6E, page 5-11, Course Manual pg. 89) - ANSWER When section 8
assistance is provided for LIHTC tenant and they are receiving educational scholarships
or grants, then:
26
(Paragraph 5-5B3, page 5-6, Course Manual pg. 84) - ANSWER Bi-Weekly wages should
be converted to annual income by multiplying by:
A standard of sufficiency as determined by the State Housing Finance Agency
(LIHC Newsletter #54, Course Manual pg. 473) - ANSWER Income verification for
LIHTC must be conducted according to:
Live-in aides
(Figure 5-2, page 5-8, Course Manual pg. 86) - ANSWER According to HUD, assets
and asset income should be counted for all of the following except:
0.06%
(Notice H2016-01, Course Manual pg. 213) - ANSWER The current HUD-approved
Passbook Savings Rate for use when imputing income from assets is:
, They are counted as annual income and the remaining amounts are not counted as
an asset
(Paragraph 5-7G4b & d, pages 5-36 to 5-37, Course Manual pg. 114 to 115) - ANSWER If
periodic payments are being received from retirement benefits, then:
Prorated by the percentage of ownership
(Paragraph 5-7D1, page 5-25, Course Manual pg. 103) - ANSWER Assets that are
jointly held should be:
The combined net assets do not exceed $5000
(NCSHA Under $5,000 Asset Certification) - ANSWER Per section 42
regulations, verification of assets for LIHTC is not required when:
The eligible Basis multiplied by the Applicable Fraction
(Pg. 315) - ANSWER The Qualified Basis consists of:
40% of the LIHTC project's units must have average income of 60% or less - ANSWER
The average income option for the minimum set-aside requires that:
They are held to the highest limits from Placed in Service - ANSWER Hold Harmless for
LIHTC income limits means that:
The property is blended with a federal rental assistance program - ANSWER There
are five different options for establishing a Utility Allowance for LIHTC unless:
Five months of the calendar year - ANSWER The IRS considered full-time students to
be those that meet their educational institution's definition of full-time and attend
classes for at least:
Answers Verified 100% Correct
All financial assistance in excess of tuition and mandatory fees is included in
annual income, with two exceptions
(Paragraph 5-6E, page 5-11, Course Manual pg. 89) - ANSWER When section 8
assistance is provided for LIHTC tenant and they are receiving educational scholarships
or grants, then:
26
(Paragraph 5-5B3, page 5-6, Course Manual pg. 84) - ANSWER Bi-Weekly wages should
be converted to annual income by multiplying by:
A standard of sufficiency as determined by the State Housing Finance Agency
(LIHC Newsletter #54, Course Manual pg. 473) - ANSWER Income verification for
LIHTC must be conducted according to:
Live-in aides
(Figure 5-2, page 5-8, Course Manual pg. 86) - ANSWER According to HUD, assets
and asset income should be counted for all of the following except:
0.06%
(Notice H2016-01, Course Manual pg. 213) - ANSWER The current HUD-approved
Passbook Savings Rate for use when imputing income from assets is:
, They are counted as annual income and the remaining amounts are not counted as
an asset
(Paragraph 5-7G4b & d, pages 5-36 to 5-37, Course Manual pg. 114 to 115) - ANSWER If
periodic payments are being received from retirement benefits, then:
Prorated by the percentage of ownership
(Paragraph 5-7D1, page 5-25, Course Manual pg. 103) - ANSWER Assets that are
jointly held should be:
The combined net assets do not exceed $5000
(NCSHA Under $5,000 Asset Certification) - ANSWER Per section 42
regulations, verification of assets for LIHTC is not required when:
The eligible Basis multiplied by the Applicable Fraction
(Pg. 315) - ANSWER The Qualified Basis consists of:
40% of the LIHTC project's units must have average income of 60% or less - ANSWER
The average income option for the minimum set-aside requires that:
They are held to the highest limits from Placed in Service - ANSWER Hold Harmless for
LIHTC income limits means that:
The property is blended with a federal rental assistance program - ANSWER There
are five different options for establishing a Utility Allowance for LIHTC unless:
Five months of the calendar year - ANSWER The IRS considered full-time students to
be those that meet their educational institution's definition of full-time and attend
classes for at least:
