Quizzle Answers 07/15/2022, Jeffrey Promnitz
When an asset is in the name of a minor child only, it is not counted as a household asset in a 100% LIHTC property. True or False?
HUD 4350.3 Page 5-8
A 100% LIHTC household currently has a checking account worth $100 which has a six month average of $1,500. They also have a savings account with a current value of $200. It has a six month average of $1,000. If these are the only assets that the household owns, what is the total value of assets?
Answer: D. $1,700
Checking $1,500 + Savings $200
Checking = Use the average; Savings = Use the current value
A person at a property that is not 100% tax credit moved in on March 17, 2022. What is the latest date that a recert can be completed?
Answer: C. 3/17/2023
Recertifications must be completed each year no later than the 12-month anniversary date of the move-in or last recert date. Therefore, March 17, 2023, is the correct answer. Be sure to check with your state though, sometimes the state requirement is the 1st of the month.
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