TAX CREDIT LATEST
SPECIALIST EXAM
The IRS considers full-time students to be those that meet their
educational institution's definition of full-time and attend classes for at
least. - ANSWERS-5 Months of the calendar year
Occupancy Standards for LIHTC are established by: - ANSWERS-The
Owner/Agent
Leases for LIHTC tenancy must be for a minimum of: - ANSWERS-6
months
Rent limits for LIHTC represent Gross Rent consisting of: -
ANSWERS-Contract rent plus utility allowance plus non-optional fees
Citizenship as a tenant eligibility requirement for LIHTC is: -
ANSWERS-At the Owner's discretion
Determining a building's Applicable Fraction consists of a comparison
between it's: - ANSWERS-Unit percentage and square footage
percentage
END OF
PAGE
1
, TAX CREDIT LATEST
SPECIALIST EXAM
The section 42 regulations for LIHTC say that annual income
recertification is not required for: - ANSWERS-100% LIHTC sites
The Available Unit Rule applies when: - ANSWERS-The tenant's
income increases over 140% of the current income limit
When transferring between buildings at LIHTC sites, tenant income
must be: - ANSWERS-Below 140% of the current income limit
One of the two provisions included in the Vacant Unit Rule provides
that: - ANSWERS-Reasonable attempts to rent vacant LIHTC units
should be made BEFORE renting vacant market units
What fair housing laws do not apply to LIHTC - ANSWERS-Section
504 of the Rehabilitation Act
Compliance reporting requirements for LIHTC is at the discretion of the
state Housing Agency, but the following is not: - ANSWERS-Owner's
Certification of Continuing Program Compliance
END OF
PAGE
2
SPECIALIST EXAM
The IRS considers full-time students to be those that meet their
educational institution's definition of full-time and attend classes for at
least. - ANSWERS-5 Months of the calendar year
Occupancy Standards for LIHTC are established by: - ANSWERS-The
Owner/Agent
Leases for LIHTC tenancy must be for a minimum of: - ANSWERS-6
months
Rent limits for LIHTC represent Gross Rent consisting of: -
ANSWERS-Contract rent plus utility allowance plus non-optional fees
Citizenship as a tenant eligibility requirement for LIHTC is: -
ANSWERS-At the Owner's discretion
Determining a building's Applicable Fraction consists of a comparison
between it's: - ANSWERS-Unit percentage and square footage
percentage
END OF
PAGE
1
, TAX CREDIT LATEST
SPECIALIST EXAM
The section 42 regulations for LIHTC say that annual income
recertification is not required for: - ANSWERS-100% LIHTC sites
The Available Unit Rule applies when: - ANSWERS-The tenant's
income increases over 140% of the current income limit
When transferring between buildings at LIHTC sites, tenant income
must be: - ANSWERS-Below 140% of the current income limit
One of the two provisions included in the Vacant Unit Rule provides
that: - ANSWERS-Reasonable attempts to rent vacant LIHTC units
should be made BEFORE renting vacant market units
What fair housing laws do not apply to LIHTC - ANSWERS-Section
504 of the Rehabilitation Act
Compliance reporting requirements for LIHTC is at the discretion of the
state Housing Agency, but the following is not: - ANSWERS-Owner's
Certification of Continuing Program Compliance
END OF
PAGE
2
