TAX CREDIT SPECIALIST EXAM
QUESTIONS WITH 100% CORRECT
ANSWERS L LATEST VERSION 2025/2026.
Who is responsible for most of the regulatory administration of the low-income housing tax
credit program? - ANS 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: - ANS 30 Years
The LIHTC regulations require that HUD guidance for properly identifying and calculating income
and assets be followed according to : - ANS Hud Handbook 4350.3 REV-1
Use of HUD's EIV system is: - ANS Prohibited for LIHTC income verifications
LIHTC legislation provisions include - ANS HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: - ANS 3 Years
A reservation letter received at the end of the application stage for LIHTC means that - ANS A
portion of that years tax credits will be held in reserve for a project
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Carryover Allocations are issued by State Housing Federal Agency (SHFA) for LIHTC projects
when: - ANS Their 10% tests have been met
Acquisition/rehab projects generally place in service at acquisition and are given - ANS 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: - ANS 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: - ANS HUD's
Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS form 8609
are: - ANS 8B and 10C
IRS form 8823 is used to: - ANS Report non-compliance to the IRS by the state agency
A Tax credit disallowance prevents credits from being claimed by the owner - ANS For the
current year
LIHTC resyndication means that: - ANS Owners receive a second allocation of tax credits for
an existing LIHTC property
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS WITH 100% CORRECT
ANSWERS L LATEST VERSION 2025/2026.
Who is responsible for most of the regulatory administration of the low-income housing tax
credit program? - ANS 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: - ANS 30 Years
The LIHTC regulations require that HUD guidance for properly identifying and calculating income
and assets be followed according to : - ANS Hud Handbook 4350.3 REV-1
Use of HUD's EIV system is: - ANS Prohibited for LIHTC income verifications
LIHTC legislation provisions include - ANS HERA, ARRA, VAWA
The first 3 stages in the life of a LIHTC property generally occur whithin: - ANS 3 Years
A reservation letter received at the end of the application stage for LIHTC means that - ANS A
portion of that years tax credits will be held in reserve for a project
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, Carryover Allocations are issued by State Housing Federal Agency (SHFA) for LIHTC projects
when: - ANS Their 10% tests have been met
Acquisition/rehab projects generally place in service at acquisition and are given - ANS 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: - ANS 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: - ANS HUD's
Uniform Physical Condition Standards (UPCS)
The two most important line items for management purposes under Part ll of IRS form 8609
are: - ANS 8B and 10C
IRS form 8823 is used to: - ANS Report non-compliance to the IRS by the state agency
A Tax credit disallowance prevents credits from being claimed by the owner - ANS For the
current year
LIHTC resyndication means that: - ANS Owners receive a second allocation of tax credits for
an existing LIHTC property
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
