Tax Credit Specialist | 2025-2026 LATEST UPDATED| 65 ACTUAL EXAM
COMPLETE QUESTIONS AND ANSWERS | 100% RATED CORRECT |
100% VERFIED | ALREADY GRADED A+
Who is responsible for most of the regulatory administration of the low-income
housing tax credit program? - (ANSWER)State Housing Finance Agencies (SHFA)
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 require 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 EIV system is: - (ANSWER)Prohibited for LIHTC income
verifications
LIHTC legislation provisions include - (ANSWER)HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: -
(ANSWER)3 Years
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
, Carryover Allocations are issued by State Housing Federal Agency (SHFA) 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
120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course Manual pg. 525), the equity from
the credit sale means that: - (ANSWER)The tax credit projects mortgage will be
less than that of the conventional property providing less debt and greater
affordability
When conducting physical inspections for LIHTC, most state agencies use: -
(ANSWER)HUD's Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS
form 8609 are: - (ANSWER)8B and 10C
IRS form 8823 is used to: - (ANSWER)Report non-compliance to the IRS by the
state agency
A Tax credit disallowance prevents credits from being claimed by the owner -
(ANSWER)For the current year
LIHTC resyndication means that: - (ANSWER)Owners receive a second allocation
of tax credits for an existing LIHTC property
COMPLETE QUESTIONS AND ANSWERS | 100% RATED CORRECT |
100% VERFIED | ALREADY GRADED A+
Who is responsible for most of the regulatory administration of the low-income
housing tax credit program? - (ANSWER)State Housing Finance Agencies (SHFA)
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 require 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 EIV system is: - (ANSWER)Prohibited for LIHTC income
verifications
LIHTC legislation provisions include - (ANSWER)HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: -
(ANSWER)3 Years
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
, Carryover Allocations are issued by State Housing Federal Agency (SHFA) 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
120 days after acquisition
240 days surrounding the acquisition
In the project example from Appendix C (Course Manual pg. 525), the equity from
the credit sale means that: - (ANSWER)The tax credit projects mortgage will be
less than that of the conventional property providing less debt and greater
affordability
When conducting physical inspections for LIHTC, most state agencies use: -
(ANSWER)HUD's Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS
form 8609 are: - (ANSWER)8B and 10C
IRS form 8823 is used to: - (ANSWER)Report non-compliance to the IRS by the
state agency
A Tax credit disallowance prevents credits from being claimed by the owner -
(ANSWER)For the current year
LIHTC resyndication means that: - (ANSWER)Owners receive a second allocation
of tax credits for an existing LIHTC property
