Pop Quizzle November 2018
The last building at Park Trace Apartments was placed in service 03/04/2018. The state’s first visit must be no later than what date?
True or False: The minimum set aside on the IRS Form 8609 can be changed anytime at the owner’s discretion.
Answer: False. Once the minimum set-aside is chosen it is an irrevocable election.
Charlyn is applying for an apartment at Panther Trace Apartments, a LIHTC community. She is a single parent of two, Chloe, her 19 year old daughter who is away attending college, and Brice who is 8 years old and lives with his Dad but stays with Charlyn every other weekend. What income limit should be applied?
Answer: 2-person income limit. Charlyn counts as she is the head of household. Chloe counts as while she is away college she is a dependent of the household. HUD says since she is a dependent away at school, she is considered a temporarily absent member and must be counted. Brice doesn’t qualify because he doesn’t physically reside with Charlyn at least 50% of the time.
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