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?
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.
Physical site monitoring by the HFAs were required beginning January 1st of what year?
Answer: ( C ), 2001 – IRS Reg 1.42-5 and 8823 Guide Chapter 6
How long is an owner required to comply with federal LIHTC requirements to avoid recapture of tax credits?
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.
According to the 8823 Guide, who must owners/managers report tenant fraud to?
Answer: ( B ), State HFA
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