Tax Credit Specialist 2025/2026 Exam
Questions and Answers | A+ Score
Assured
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
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.
Questions and Answers | A+ Score
Assured
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
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.
