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Quizzle and Answers - January 21, 2022

Question One
The Housing Trust Fund (HTF) is an affordable housing program that provides grants to states to produce and preserve the supply of decent, safe, and sanitary affordable housing for extremely low and very low income households, including homeless families. What income category determines extremely low and very low income households?

A. 30%, 80% 
B. 30%, 50% 
C. 50%, 80% 
D. 50%, 60% 

Answer: B. HTF dollars must serve extremely low income (ELI) households earning no more than 30% of the area median income (AMI) and low income households earning no more than 50% of the area median income (AMI). The FY 2021 HTF Income Limits effective date is June 1, 2021.

Question Two
Tina lives at a 100% LIHTC property and has a small cleaning business. Her gross monthly income is anticipated to be $2,000. Her cleaning supplies and other expenses will total $923 quarterly. What is the income that will be counted for this business?

A. $12,924
B. $20,308
C. $24,000
D. $35,076

Answer: B. $20,308

($2,000 X 12 = $24,000); minus (923 X 4 = 3,692); equals $20,308

Question Three
Shelly is age 45 and a student. She lives in a Rural Development unit with RD rental assistance. Her tuition is $15,000 per year. She has a Pell Grant and other financial assistance totaling $19,000. She lives with her dependent sons, Kent who is 15 and Josh who is 21. Josh’s tuition is $24,000 per year and he gets a scholarship of $20,000 per year towards his schooling expenses. What is the student financial assistance that will be counted as income for this household?

B. $15,000
C. $19,000
D. $43,000

Answer: A. $0 - The household does not receive section 8 assistance, so all student grants and scholarships are exempt. Even if they did receive Section 8 help, both adult students are exempt under the “Adult student over age 23 with dependent” and “Dependent of the household” exceptions.

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