Jeffrey Promnitz, CEO - Quizzle May 27, 2021

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May 27, 2021 Quizzle Answers

Question One
Ture or false? The income limits for the Low Income Housing Tax Credit Program are called the Multifamily Tax Funds Project.

Answer:  False, the correct answer is Multifamily Tax Subsidy Projects.

The income limits for the Low Income Housing Tax Credit and Tax Exempt Bond programs are called Multifamily Tax Subsidy Projects.  The limits were established by The Housing and Economic Recovery Act of 2008 and are updated annually by The Department of Housing and Urban Development (HUD).  Income limits are used to determine qualification levels and establish maximum allowable rents.  The new income limits for 2021 have been released and are effective April 1, 2021.

 

Question Two
Johan and Marta moved in on 1/1/2018. They had given their farm to their sons on 7/1/2016. The estimated value of the farm was $200,000. Imputed income on this asset for the half-year until it disappears would be which of the following?

A. $60
B. $10
C. $120
D. $2,000

Answer: A. $60

$200,000 x 0.06% = $120.00 ÷ 12 (months) = $10.00 x 6 (months left to count as an asset disposed of for 2 years) = $60.00 to count as imputed income.

 

Question Three
In 2012, which agency implemented a program rule that prohibited discrimination against a person based on their sexual orientation, gender identity, or marital status?

A. IRS
B. Department of Justice
C. HUD
D. Housing Finance Agencies

Answer: C. HUD

HUD issued a Program Rule in 2012, Housing Notice 2015-06 on July 13, 2015. The Rule is intended to ensure that housing across HUD programs is open to all eligible individuals and families regardless of actual or perceived sexual orientation, gender identity, or marital status. This notice provides guidance on how the Equal Access Rule applies to Multifamily insured and assisted housing.

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