NCSHA | HCC21 | Jeffrey Promnitz
The NCSHA Housing Credit Connect '21 was a smashing success!
All registrants can access the recorded experience now through September 2021. We look forward to see you again next year!
Check out this video - "Affordable housing is all about home."
True or False? The 2021 income limits for Rural Development were released by USDA (United States Department of Agriculture) on May 12, 2021. These annual income limits are used to determine whether an applicant is income eligible to reside in multi-family rental housing or to receive rental subsidies for the Rural Development program.
Answer: False, the published income limits on May 12, 2021 are adjusted income limits. The Rural Development program determines tenant eligibility based on adjusted income by first calculating annual income as the base for computing adjusted income. 24 CFR § 5.609, HB-2-3560 6.9.A.1 pages 6-7/6-8
A 100% LIHTC household owns 38 shares of stock valued at $1.50 per share. The stock earns $.25 per share on a quarterly basis. The dividends are reinvested into the account. What is the value of the asset and the income from the asset?
A. $57 and $0
B. $57 and $38
C. $57 and $9.50
D. $38 and $0
Answer: B. $57 and $38
$1.50 X 38 stocks = a value of $57 for the asset
$.25 X 4 = $1.00 / $1.00 X 38 stocks = a value of $38 for the income from the asset
Terri is living at home in a 100% HUD unit and is a dependent adult full-time student. Terri earns $400 per year working a part-time on-call job. She has a Pell grant of $5,000 and tuition of $5,000. She receives $210 a month in Social Security benefits. How much annual earned income will be counted for her?
Answer: B. $400
Terri’s part time job is the only earned income she receives. All other income is unearned income.
4350.3 5-5 / 5-3 to 7 5-6 E-N / 5-11 to 19 Exhibit 5-1
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