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HOME Funds Webinar Now Open | Pop Quizzle - November 2018

By (VERY) popular demand, we have now publicly opened enrollment for this high value, content rich HOME Funds webinar.  And, we thought it would be good to test your knowledge with a Pop Quizzle following the holiday to see if you have stayed sharp!


The Essentials of HOME Funds Webinar (two-part series)

  • Part 1 - Tuesday 12/18 at 10 AM - 90 minutes
  • Part 2 - Wednesday 12/19 at 10 AM - 90 minutes

Only $175 for the complete series (or $95 a la carte)

This two-part series discusses compliance-related provisions that affect site management of HOME rental properties. Details that must be gathered in order to manage HOME compliance are listed. “Fixed” and Floating” as well as “High HOME” and “Low HOME” designations are explored. Leasing requirements and income determinations are also covered. Finally, unique HOME rules relating to increases in income and calculating rent based on adjusted income round out the discussion. As appropriate to the attendees, we will also briefly discuss how HOME interacts with the Low Income Housing Tax Credit (LIHTC) Program. 

NOTE: GoTo Webinar must be downloaded before the viewing which may cause a delay in the start time. In order to avoid this delay, you MUST sign in through the webinar link we send to you at least 30 minutes prior to the scheduled webinar time. You will receive a webinar reminder 1 week in advance and 2 hours in advance.

Optional Online Examination and HCM-HF Designation

A certificate and HCM-HF designation is conferred to all exam takers that pass.  The exam (1hr, 30 min) is optional and must be purchased separately ($125).  This 40 question exam is open book; the course manual for "Managing HOME Compliance" online module may be useful to have on hand for those who have taken the course, "Managing HOME Compliance".

Purchase the Webinar HERE  |  Purchase the Exam and HCM-HF designation HERE

For questions or issues with enrolling, please call 314.336.4853


POP QUIZZLE

Question 1:

When determining the annual income of a household currently residing at Living Oak Apartments, the manager includes $50.00 in groceries delivered weekly from Grandma Josephine, and an additional $200 that is deposited monthly into their bank account. The correct annual income is:

  1. $3000.00
  2. $2400.00
  3. $5000.00
  4. $600.00

Answer: $2400.00. The weekly amount of groceries is exempt and as stated in Exhibit 5-1 of the 4350.3 HUD Handbook. The cash deposit into the bank account is a verifiable cash contribution and must be included as income to the household.

Question 2:

True or False.  When verifying assets, the household lists a checking account and a savings account. The savings account verification shows a current balance of $100.00 and an available balance of $95.00, and the checking account verification shows a six-month average balance of $300.00. The total assets for this household equal $395.00.

Answer: False. The current balance of the savings account is $100.00; the $5.00 is a minimum for the account to remain open, and is not a penalty to withdraw funds. Total assets equal $400.00

Question 3:

True or False.  When a household is receiving SS and SSI payments on a Direct Express Debit Card, the card is treated as a savings account with the current balance on the card being verified and included with the total assets of the household.

Answer: True.  The balance on the card is considered an asset and verification is consistent with savings account verifications. HUD RHIIP Listserv Posting #296

Question 4:

The Applicable Credit Percentage is part of the tax credit formula to determine the annual tax credits for a building.  What are the two categories of credit percentages?

  1. 20%, 50%
  2. 4%, 9%
  3. 40%, 60%
  4. None of the above

Answer:  B.   


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