Tax Credit Specialist questions and
answers
Internal Revenue Service (IRS) - -Who is responsible for most of the regulatory administration
of the Low-Income Housing Tax Credit Programs?
-30 years - -The 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 - -The LIHTC regulations required that HUD guidance for
properly identifying and calculating income and assets be followed according to:
-Required for LIHTC income verifications - -Use of HUD's Enterprise Income Verification
(EIV) system is:
-HERA
ARRA
VAWA - -The Following legislation includes provisions for LIHTC:
-Three years - -The 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 - -A reservation Letter
received at the end of the Application Stage for LIHTC means that:
-Their 10% tests have been met - -Carryover 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. - -Acquisition/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. - -In 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) - -When conducting physical
inspections for LIHTC, most state agencies use:
-8B and 10C - -The 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 - -IRS Form 8823 is used to:
answers
Internal Revenue Service (IRS) - -Who is responsible for most of the regulatory administration
of the Low-Income Housing Tax Credit Programs?
-30 years - -The 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 - -The LIHTC regulations required that HUD guidance for
properly identifying and calculating income and assets be followed according to:
-Required for LIHTC income verifications - -Use of HUD's Enterprise Income Verification
(EIV) system is:
-HERA
ARRA
VAWA - -The Following legislation includes provisions for LIHTC:
-Three years - -The 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 - -A reservation Letter
received at the end of the Application Stage for LIHTC means that:
-Their 10% tests have been met - -Carryover 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. - -Acquisition/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. - -In 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) - -When conducting physical
inspections for LIHTC, most state agencies use:
-8B and 10C - -The 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 - -IRS Form 8823 is used to:
