Tax Credit Specialist Exam Questions With Verified
Answers
.A reservation letter received at the end of the application stage for LIHTC
means that - ANSWER-A portion of that years tax credits will be held in reserve
for a project
.A Tax credit disallowance prevents credits from being claimed by the owner -
ANSWER-For the current year
.According to HUD, assets and asset income should NOT be counted for: -
ANSWER-Live-in aids
Figure 5-2, Pg. 5-8 (Course manual pg. 86)
.Acquisition/rehab projects generally place in service at acquisition and are
given - ANSWER-120 days before acquisition
120 days after acquisition
240 days surrounding the acquisition
.Annualizing Anticipated Annual Full-time employment income - ANSWER-
Hourly: Wages x 40 hours x 52 weeks
Weekly: Wages x 52
Bi-weekly: Wages x 26
, Semi-monthly: Wages x 24
Monthly: Wages x 12
Paragraph 5-5B3 Page 5-6 (Course Manual pg. 84)
.ARRA - ANSWER-Signed into law on February 17, 2009
.Assets that are jointly held should be: - ANSWER-Prorated by the percentage of
ownership
Paragraph 5-7D1, page 5-25 (Course Manual pg. 103)
.Carryover Allocations are issued by State Housing Federal Agency (SHFA) for
LIHTC projects when: - ANSWER-Their 10% tests have been met
.Checking Account - ANSWER-Six-Month Average Balance
.Citizenship as a tenant eligibility requirement for LIHTC is: - ANSWER-At the
Owner's discretion
.Compliance reporting requirements for LIHTC is at the discretion of the state
Housing Agency, but the following is not: - ANSWER-Owner's Certification of
Continuing Program Compliance
.Determining a building's Applicable Fraction consists of a comparison between
it's: - ANSWER-Unit percentage and square footage percentage
Answers
.A reservation letter received at the end of the application stage for LIHTC
means that - ANSWER-A portion of that years tax credits will be held in reserve
for a project
.A Tax credit disallowance prevents credits from being claimed by the owner -
ANSWER-For the current year
.According to HUD, assets and asset income should NOT be counted for: -
ANSWER-Live-in aids
Figure 5-2, Pg. 5-8 (Course manual pg. 86)
.Acquisition/rehab projects generally place in service at acquisition and are
given - ANSWER-120 days before acquisition
120 days after acquisition
240 days surrounding the acquisition
.Annualizing Anticipated Annual Full-time employment income - ANSWER-
Hourly: Wages x 40 hours x 52 weeks
Weekly: Wages x 52
Bi-weekly: Wages x 26
, Semi-monthly: Wages x 24
Monthly: Wages x 12
Paragraph 5-5B3 Page 5-6 (Course Manual pg. 84)
.ARRA - ANSWER-Signed into law on February 17, 2009
.Assets that are jointly held should be: - ANSWER-Prorated by the percentage of
ownership
Paragraph 5-7D1, page 5-25 (Course Manual pg. 103)
.Carryover Allocations are issued by State Housing Federal Agency (SHFA) for
LIHTC projects when: - ANSWER-Their 10% tests have been met
.Checking Account - ANSWER-Six-Month Average Balance
.Citizenship as a tenant eligibility requirement for LIHTC is: - ANSWER-At the
Owner's discretion
.Compliance reporting requirements for LIHTC is at the discretion of the state
Housing Agency, but the following is not: - ANSWER-Owner's Certification of
Continuing Program Compliance
.Determining a building's Applicable Fraction consists of a comparison between
it's: - ANSWER-Unit percentage and square footage percentage
