Question One
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?
A. $14,400 B. $16,800 C. $20,800 D. $18,400
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
Question Two
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
Answer: D
Question Three
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
Answer: C
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