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Question One

Penny’s family moved in June 2018. In 2019 it is discovered that their income was under-reported at move-in because Penny has a second job that she forgot to report. They did not qualify for assistance going all the way back to move-in. Penny has since quit her second job and they now qualify. What is the appropriate management decision?

A. Terminate assistance and set up a payment plan to recover past overpayments of subsidy
B. Drop rent to correct level for current income and set up a payment plan to recover past over payment of subsidy
C. Penny must move out
D. Penny must be transferred to a different unit

Answer: B. Drop rent to correct level for current income and set up a payment plan to recover past over payment of subsidy

Question Two

Brian moved into a Section 8 unit on 7/16/2019. During the interview process it was determined that his only asset was a checking account with a current balance of $4,567 and a 6 month average balance of $2,109. It was also determined that he received a lump sum payment from Social Security in the amount of $10,130. What is the total cash value of assets for this household at move in?

A. $2,109
B. $12,239
C. $4,567
D. $14,697

Answer: B. $12,239

Question Three
A certificate of deposit has a value of $4,992 and a penalty for early withdrawal of $143. It has an interest rate of 1.5%. What is the cash value of the asset?

A. $4,992
B. $4,849
C. $143
D. $0

Answer: B. $4,849