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October 2018 Quizzle Answers

Question 1
Charlotte is applying at Pond Ridge Apartments, a new tax credit community that is closer to her daughter’s school.  She is making $9.25 an hour, and works 28-35 hours a week as a receptionist.  She also receives $80 a month in court ordered child support.  What is Charlotte’s total anticipated annual income? 

  1. $19,895
  2. $17,795
  3. $16,835
  4. $18,795

Answer:  ( B ), $17,795.  It is best practice to use the more restrictive number when using a range of hours in the annual income calculations.

Question 2
Physical site monitoring by the HFAs were required beginning January 1st of what year?

  1. 1986
  2. 2008
  3. 2001
  4. 1990

Answer: ( C ), 2001 – IRS Reg 1.42-5 and 8823 Guide Chapter 6

Question 3
How long is an owner required to comply with federal LIHTC requirements to avoid recapture of tax credits?

  1. 10 years
  2. 15 years
  3. 25 years
  4. 30 years

Answer:  ( B ), 15 years. Section 42 states that the compliance period is 15 years and the LIHC’s are subject to recapture during that time period.

Question 4

According to the 8823 Guide, who must owners/managers report tenant fraud to?

  1. Local housing authority
  2. State HFA
  3. IRS
  4. HUD

Answer:  ( B ), State HFA

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