Pop Quizzle November 2018

Question 1:
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?

Answer:  12/31/2020.

Question 2:
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.

Question 3:
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?

1. 1-person limit

2. 2-person limit

3. 3-person limit

4. 4-person limit

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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