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
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)
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)
Subscribe to our Newsletters
Last Chance to Reg...
Ture or false? The income limits for the Low Income Housing Tax Credit Progr...
Who is the Secretary of the Department of Housing and Urban Developme...
In coordination with the National Association of Home Builders, the Housing Credit Certifi...
Jeffrey Promnitz, Chief Executive Officer, Zeffert & Associates, Inc. - March 7, 2021 ...
Which of the following topics are not required to be part of a tenant select...