Tax Credit Specialist 2025/2026 Exam
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
Who is responsible for most of the regulatory administration of the Low-Income
Housing Tax Credit Programs? - 🧠ANSWER ✔✔Internal Revenue Service (IRS)
The initial Compliance Period for LIHTC properties combined with the Extended
Use Period must be for a minimum period of affordability at: - 🧠ANSWER ✔✔30
years
The LIHTC regulations required that HUD guidance for properly identifying and
calculating income and assets be followed according to: - 🧠ANSWER ✔✔HUD
Handbook 4350.3 REV-1
Use of HUD's Enterprise Income Verification (EIV) system is: - 🧠ANSWER
✔✔Required for LIHTC income verifications
The Following legislation includes provisions for LIHTC: - 🧠ANSWER ✔✔HERA
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, ARRA
VAWA
The first three stages in the life of a LIHTC property generally occurs within: -
🧠ANSWER ✔✔Three years
A reservation Letter received at the end of the Application Stage for LIHTC means
that: - 🧠ANSWER ✔✔A portion of that year's tax credits will be held in reserve for
a project
Carryover Allocations are issued by SHFAs for LIHTC projects when: -
🧠ANSWER ✔✔Their 10% tests have been met
Acquisition/Rehab projects generally place in service at acquisition and are given:
- 🧠ANSWER ✔✔-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.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
Who is responsible for most of the regulatory administration of the Low-Income
Housing Tax Credit Programs? - 🧠ANSWER ✔✔Internal Revenue Service (IRS)
The initial Compliance Period for LIHTC properties combined with the Extended
Use Period must be for a minimum period of affordability at: - 🧠ANSWER ✔✔30
years
The LIHTC regulations required that HUD guidance for properly identifying and
calculating income and assets be followed according to: - 🧠ANSWER ✔✔HUD
Handbook 4350.3 REV-1
Use of HUD's Enterprise Income Verification (EIV) system is: - 🧠ANSWER
✔✔Required for LIHTC income verifications
The Following legislation includes provisions for LIHTC: - 🧠ANSWER ✔✔HERA
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, ARRA
VAWA
The first three stages in the life of a LIHTC property generally occurs within: -
🧠ANSWER ✔✔Three years
A reservation Letter received at the end of the Application Stage for LIHTC means
that: - 🧠ANSWER ✔✔A portion of that year's tax credits will be held in reserve for
a project
Carryover Allocations are issued by SHFAs for LIHTC projects when: -
🧠ANSWER ✔✔Their 10% tests have been met
Acquisition/Rehab projects generally place in service at acquisition and are given:
- 🧠ANSWER ✔✔-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.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
