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January 29, 2021 Quizzle Answers

Question One

When determining the anticipated annual income of a household, the Social Security benefits paid to the minor occupants is included.

Answer: True; 4350.3 5-6 A-3 b

 

Question Two

Average Income was created as a part of The Consolidated Appropriations Act of 2018 and must meet 3 basic rules.  Which one is not a rule?

A. At least 40% of the units have to be both rent restricted and occupied by individuals whose incomes do not exceed the designated income limits.  
B. The designated imputed income limitations must be in 5 percent increments (25%, 35%, 45%, 55%, 65%, 75%, or 85% of the area median gross income).
C. The designated imputed income limitations must be in 10 percent increments (20%, 30%, 40%, 50%, 60%, 70%, or 80% of the area median gross income).
D. The average of the designated imputed income limits cannot exceed 60% of area median income.

Answer: B. The designated imputed income limitations must be in 5 percent increments (25%, 35%, 45%, 55%, 65%, 75%, or 85% of the area median gross income).  Section 42(g)(1)(C)(i) 

 

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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