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