Tax Credit Specialist|53 Questions With
Correct Answers GRADED A,.
Internal Revenue Service (IRS) - Correct answerWho is responsible for most of the
regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - Correct answerThe initial Compliance Period for LIHTC properties
combined with the Extended Use Period must be for a minimum period of affordability
at:
HUD Handbook 4350.3 REV-1 - Correct answerThe LIHTC regulations required that
HUD guidance for properly identifying and calculating income and assets be followed
according to:
Required for LIHTC income verifications - Correct answerUse of HUD's Enterprise
Income Verification (EIV) system is:
HERA
ARRA
VAWA - Correct answerThe Following legislation includes provisions for LIHTC:
Three years - Correct answerThe first three stages in the life of a LIHTC property
generally occurs within:
A portion of that year's tax credits will be held in reserve for a project - Correct
answerA reservation Letter received at the end of the Application Stage for LIHTC
means that:
Their 10% tests have been met - Correct answerCarryover Allocations are issued by
SHFAs for LIHTC projects when:
-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. - Correct answerAcquisition/Rehab projects generally place in
service at acquisition and are given:
The tax credit project's mortgage will be less than that of the conventional property,
providing less debt and greater affordability. - Correct answerIn the project example
from appendix C (course manual pg. 525), the equity from the credit sale means that:
, HUD's Uniform Physical Condition Standards (UPCS) - Correct answerWhen
conducting physical inspections for LIHTC, most state agencies use:
8B and 10C - Correct answerThe two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - Correct answerIRS Form
8823 is used to:
for the current year - Correct answerA tax credit disallowance prevents credits from
being claimed by the owner:
Owners receive a second allocation of tax credits for an existing LIHTC property -
Correct answerLIHTC resyndication means that:
Determination of income under section 8 of the US Housing Act of 1937
(IRS Notice 88-80, Course Manual pg. 447) - Correct answerFor LIHTC, an
individual's income is determined in a manner consistent with:
Employment Income
(Figure 5-2, Page 5-8, Course Manual pg. 86) - Correct answerIncome for Foster
Children under the age of 18 is counted except for:
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) - Correct answerWhen 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) - Correct answerBi-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) - Correct answerIncome verification
for LIHTC must be conducted according to:
Live-in aides
(Figure 5-2, page 5-8, Course Manual pg. 86) - Correct answerAccording to HUD,
assets and asset income should be counted for all of the following except:
0.06%
(Notice H2016-01, Course Manual pg. 213) - Correct answerThe current HUD-
approved Passbook Savings Rate for use when imputing income from assets is:
Correct Answers GRADED A,.
Internal Revenue Service (IRS) - Correct answerWho is responsible for most of the
regulatory administration of the Low-Income Housing Tax Credit Programs?
30 years - Correct answerThe initial Compliance Period for LIHTC properties
combined with the Extended Use Period must be for a minimum period of affordability
at:
HUD Handbook 4350.3 REV-1 - Correct answerThe LIHTC regulations required that
HUD guidance for properly identifying and calculating income and assets be followed
according to:
Required for LIHTC income verifications - Correct answerUse of HUD's Enterprise
Income Verification (EIV) system is:
HERA
ARRA
VAWA - Correct answerThe Following legislation includes provisions for LIHTC:
Three years - Correct answerThe first three stages in the life of a LIHTC property
generally occurs within:
A portion of that year's tax credits will be held in reserve for a project - Correct
answerA reservation Letter received at the end of the Application Stage for LIHTC
means that:
Their 10% tests have been met - Correct answerCarryover Allocations are issued by
SHFAs for LIHTC projects when:
-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. - Correct answerAcquisition/Rehab projects generally place in
service at acquisition and are given:
The tax credit project's mortgage will be less than that of the conventional property,
providing less debt and greater affordability. - Correct answerIn the project example
from appendix C (course manual pg. 525), the equity from the credit sale means that:
, HUD's Uniform Physical Condition Standards (UPCS) - Correct answerWhen
conducting physical inspections for LIHTC, most state agencies use:
8B and 10C - Correct answerThe two most important line items for management
purposes under Part II of IRS Form 8609 are:
Report non-compliance to the IRS by the State Agency - Correct answerIRS Form
8823 is used to:
for the current year - Correct answerA tax credit disallowance prevents credits from
being claimed by the owner:
Owners receive a second allocation of tax credits for an existing LIHTC property -
Correct answerLIHTC resyndication means that:
Determination of income under section 8 of the US Housing Act of 1937
(IRS Notice 88-80, Course Manual pg. 447) - Correct answerFor LIHTC, an
individual's income is determined in a manner consistent with:
Employment Income
(Figure 5-2, Page 5-8, Course Manual pg. 86) - Correct answerIncome for Foster
Children under the age of 18 is counted except for:
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) - Correct answerWhen 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) - Correct answerBi-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) - Correct answerIncome verification
for LIHTC must be conducted according to:
Live-in aides
(Figure 5-2, page 5-8, Course Manual pg. 86) - Correct answerAccording to HUD,
assets and asset income should be counted for all of the following except:
0.06%
(Notice H2016-01, Course Manual pg. 213) - Correct answerThe current HUD-
approved Passbook Savings Rate for use when imputing income from assets is:
