Question One

True or False: When determining the eligibility of a household to move into a Rural Development property, the household’s total gross income is compared to the appropriate income limit based on the household size.

Answer: False. Adjusted income is used to determine whether an applicant is income eligible to reside in multi-family rental housing or to receive rental subsidies. HB-2-3560 6.9 page 6-8

Question Two

Cammie’s LIHTC certification will be effective January 1^st. Her checking account balance is $1,234 with a 6 month average of $500 with 0% interest. The current value of her savings account is $60,000 with 1% interest.

What is the total imputed income?

A.  $12.34
B.  $600
C.  $36.30
D.  $600.30

Answer: B. $600

Question Three

John live at a HUD property and is receiving Supplemental Security Income (SSI). The benefit letter states the Gross Monthly Amount is $752.  $105 is being withheld for the Medicare premium resulting in a Net Payment of $647. Also, $25 is being withheld for 6 months due to a prior overpayment. What is John’s total annual income?

A.  $9,024
B.  $7,764
C.  $8,724
D.  $8,874

Answer:  D. $8,874

$752 X 6 months = $4,512 / $727 X 6 months = $4,362 / $4,512 + $4,362 = $8,874