Sue, age 23, has applied at a LIHTC property and has a section 8 voucher. She has 3 children under the age of 18. The entire household consists of full-time students and Sue meets the eligibility requirements for the LIHTC student rules since she is a single parent and the minor children are verified as dependents. Sue's mother pays for the internet and phone expenses, $200 monthly.
Two of the minor children receive SSI for $600 each monthly. Sue does not work or have any income. Sue does receive $6,000 each semester for financial aid for school. Her tuition is $4,000 for each semester. What is the annual gross income for this household?
Answer: C. The SSI is counted for the two minor children, the $200 monthly is considered as income, and $4,000 annual for the financial aid is counted since she has a section 8 Voucher.
SSI - $600 x 12 - $7,200 x 2 = $14,400
Mom - $200 x 12 = $2,400
Financial Aid - $6,000 - $4000 tuition = $2,000 difference x 2 semesters = $4,000
Total Income $20,800
What is the lifespan of verifications for Rural Development?
A. 90 days
B. 120 days
C. 6 months
D. 90 days - May be valid for an additional 90 days with oral re-verification at the end of 90 day period
Which of the following MAY be considered a dependent of the household?
A. Foster Child
B. Unborn Child
C. 20 year old full-time student (Not the head, spouse or co-head)
D. Live-in Aide
Wheatley Lofts is a 100% LIHTC building going through an acquisition/rehab. ...
What is the maximum late fee amount you can charge at a HUD property?
When an asset is in the name of a minor child only, it is not counted as a...
Kyle is unemployed and receiving $362 per week. The verification from the un...
A tenant at Whispering Hollow apartments asks the property manager for permi...
A family who initially qualified is now over the 140% limit as of their May ...