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March 7, 2021 Quizzle Answers and "Save My Seat"

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]


Question One
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

 

Question Two
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)

 

Question Three

Every LIHTC property has a minimum set-aside.  There are four options, on which IRS form can the owner make this selection?

A. 8610
B. 8586
C. 8609
D. 8823

Answer: C. 8609.  This is an irrevocable election.  IRC §42(g)(1)

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