A family who initially qualified is now over the 140% limit as of their May 1st recertification. Their unit “A” is an 860 square foot 2-bedroom unit. In July, two market units, “B” and “C” come open. “B” is a 3-bedroom 1023 square foot unit, and “C” is another 860 square foot 2-bedroom. A tenant who does not qualify for a tax credit unit applies. For purposes of the Available Unit Rule, which unit may the market tenant occupy on August 1st?
A. Unit B
B. Unit C
C. Units B or C
D. Neither B nor C
Answer: A. Unit B
This unit is larger than the over income LIHTC unit and is therefore not subject to the available unit rule.
The ________________ rule involves owners proving ongoing marketing efforts.
A. Available Unit
B. Vacant Unit
D. Allocation Carryover
Answer: B. Vacant Unit
Vacant units continue to qualify for LIHTC as long as reasonable attempts are made to rent the unit before any market units in the project are rented. Remember, states differ on the application of the vacant unit rule.
IRS RR 2004-82 8823 Guide Chapter 15
If a person with a Section 8 voucher applies for rental unit at your property, owners must not run a credit check because tax credit owners cannot refuse voucher holders. True or False?
Applicants cannot be refused solely because they have section 8 voucher assistance. However, owners are not required to accept lower rents than LIHTC max rents. §42 (h) (6)(B)(iv) & (l)
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