Jeffrey Promnitz - Housing Credit Connect - NCSHA

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June 16, 2021 Quizzle Answers

NCSHA Housing Credit Connect 21 Diamond Sponsor - Zeffert & Associates

 

 

 

 

 

 

 


Last Chance to Register!  Here the TOP 5 reasons to join...

  1. Come together with 800+ members of the Housing Credit community — including program regulators and the top affordable housing developers, lenders, syndicators, investors, tax advisors, property managers, compliance experts, and service providers in the country.
  2. Show support for your partners among the 50+ participating Housing Credit allocating agencies.
  3. Engage in four days of unparalleled conversation and collaboration on program hot topics, including racial equity, climate change, construction costs, QAP priorities, equity pricing, preservation, the minimum 4 percent rate, Average Income Test, compliance and audit activity, emergency rental assistance, and more.
  4. Learn about critical new program guidance during regulatory briefings with senior Treasury and HUD officials.
  5. Because the opportunities and challenges in Housing Credit development, finance, management, and compliance have never been greater than they are now.

June 16, is the last day to register and as the exclusive DIAMOND SPONSOR we want to "see" you there!


Question One
True or False? HUD’s Office of Multifamily Housing Programs issued recent guidance to housing providers regarding counting income from the Federal Pandemic Unemployment Compensation (FPUC) unemployment benefits, and the monthly child tax credit, provided by the American Rescue Plan Act (ARPA) to be included when calculating annual income.

Answer: False

Both sources of income, the $300 per week Federal Pandemic Unemployment Compensation (FPUC) unemployment benefits, and the monthly child tax credit, up to $300 per week are excluded from the annual income calculation.

  1. Section 2104: Federal Pandemic Unemployment Compensation (FPUC) in the 2021 Appropriations and the ARP provides eligible individuals who are collecting regular unemployment insurance an additional $300/week. Housing providers shall exclude this unemployment benefit from the annual income calculation on the basis that it is temporary income.
  2. Section 7527A: Advance Payment of Child Tax Credit in the ARP provides a monthly payment of up to $300/week from July 2021 through December 2021. Housing providers shall exclude the child tax credit on the basis that it is excludable income under 26 USC 6409.

 

Question Two
For a HOME assisted unit with no other program requirements, full 3rd party recertification is required:

A. Annually
B. Every 6th year of tenancy
C. Every 5th year of tenancy
D. Every 6th year of the affordability period

Answer: D. Every 6th year of the affordability period

HOME Compliance Manual Page 37 (varies by state)

 

Question Three
Charmel makes $500 bi-weekly at her job. Her roommate Jackson also makes $500 per pay period, and is paid semi-monthly. What is their total annual income from these jobs?

A. $6,000
B. $24,000
C. $25,000
D. $26,000

Answer: C. $25,000

$500 X 26 = $13,000 + $500 X 24 = $12,000

$13,000 + $12,000 = $25,000

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