Jeffrey Promnitz, Chief Executive Officer, Zeffert & Associates, Inc. - March 7, 2021 - is pleased to announce that as a leading trainer and proctor of the HCCP designation - and in coordination with National Association of Home Builders Board of Governors - Students can now take the exam entirely online.
This is the link to claim the free credits.
[Connect wtih Jeffrey Promnitz on LinkedIn]
According to Section 42, what document is the state housing finance agency required to develop a game plan to allocate and distribute the federal Low-Income Housing Tax Credits?
A. Annual owner's certification
B. Final Application
C. QAP (Qualified Allocation Plan)
D. IRS form 8609
Answer: C. QAP (Qualified Allocation Plan). IRS Reg 1.42-17 & 5
There are two crucial development deadlines in the life of a property. Which one requires that a 10% test be met for it to use its credits in future years if a project cannot be built the year it is allocated credits?
A. Placed in service date
B. Carryover Allocation
C. Extended Use period
D. Initial Certification
Answer: B. Carryover Allocation. Section 42(h)(1)(E)
Every LIHTC property has a minimum set-aside. There are four options, on which IRS form can the owner make this selection?
Answer: C. 8609. This is an irrevocable election. IRC §42(g)(1)
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