Tax Credit Specialist
1. Internal Revenue Service (IRS): Who is responsible for most of the regulatory
administration of the Low-Income Housing Tax Credit Programs?
2. 30 years: The initial Compliance Period for LIHTC properties combined with the
Extended Use Period must be for a minimum period of affordability at:
3. HUD Handbook 4350.3 REV-1: The LIHTC regulations required that HUD
guidance for properly identifying and calculating income and assets be followed
according to:
4. Required for LIHTC income verifications: Use of HUD's Enterprise Income
Verification (EIV) system is:
5. HERA
ARRA
VAWA: The Following legislation includes provisions for LIHTC:
6. Three years: The first three stages in the life of a LIHTC property generally
occurs within:
7. A portion of that year's tax credits will be held in reserve for a project: A
reservation Letter received at the end of the Application Stage for LIHTC means
that:
8. Their 10% tests have been met: Carryover Allocations are issued by SHFAs
for LIHTC projects when:
9. -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.: Acquisition/Rehab projects generally place in
service at acquisition and are given:
10. The tax credit project's mortgage will be less than that of the
conventional property, providing less debt and greater affordability.: In the
project example from appendix C (course manual pg. 525), the equity from the
credit sale means that:
11. HUD's Uniform Physical Condition Standards (UPCS): When conducting
physical inspections for LIHTC, most state agencies use:
12. 8B and 10C: The two most important line items for management purposes
under Part II of IRS Form 8609 are:
13. Report non-compliance to the IRS by the State Agency: IRS Form 8823
is used to:
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1. Internal Revenue Service (IRS): Who is responsible for most of the regulatory
administration of the Low-Income Housing Tax Credit Programs?
2. 30 years: The initial Compliance Period for LIHTC properties combined with the
Extended Use Period must be for a minimum period of affordability at:
3. HUD Handbook 4350.3 REV-1: The LIHTC regulations required that HUD
guidance for properly identifying and calculating income and assets be followed
according to:
4. Required for LIHTC income verifications: Use of HUD's Enterprise Income
Verification (EIV) system is:
5. HERA
ARRA
VAWA: The Following legislation includes provisions for LIHTC:
6. Three years: The first three stages in the life of a LIHTC property generally
occurs within:
7. A portion of that year's tax credits will be held in reserve for a project: A
reservation Letter received at the end of the Application Stage for LIHTC means
that:
8. Their 10% tests have been met: Carryover Allocations are issued by SHFAs
for LIHTC projects when:
9. -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.: Acquisition/Rehab projects generally place in
service at acquisition and are given:
10. The tax credit project's mortgage will be less than that of the
conventional property, providing less debt and greater affordability.: In the
project example from appendix C (course manual pg. 525), the equity from the
credit sale means that:
11. HUD's Uniform Physical Condition Standards (UPCS): When conducting
physical inspections for LIHTC, most state agencies use:
12. 8B and 10C: The two most important line items for management purposes
under Part II of IRS Form 8609 are:
13. Report non-compliance to the IRS by the State Agency: IRS Form 8823
is used to:
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