At a mixed income project, building 4 unit B, is a 3 bedroom LIHTC unit that exceeds the 140% income limit at recertification. There are 4 units available. To satisfy the available unit rule, which unit should be re-occupied with a qualified household?
Answer: (B) The next available unit rule is triggered when at recertification, a household’s income exceeds the current income limit by 140%. Since this is a building rule, the next available unit rented must be of equal or smaller size, in the same building, and previously occupied by a market household.
True or False. A Section 8 voucher holder with a letter from the Public Housing Authority stating that the applicant is at or under the applicable income limit is 3rd party verification.
Answer: True, IRS Reg. says it is ok to accept a letter from Section 8 issuing agencies stating that the household is at or below the applicable income limit however states can differ on PHA as a form of 3rd party verification.
This form is completed by the owner to claim tax credits.
Joanna is applying at a tax credit community. She is currently making $10.25 an hour and works at The Candy shop 28-32 hours per week. She is anticipated to work a 5-hour shift every Saturday for $9.75 an hour as a delivery driver for The Candy Shop. What is Joanna’s anticipated annual income?
Answer: (C) $19,591. Remember for verifications that give a range of hours, the LIHTC program tells us to use the highest amount to annualize income.
Which of the following will be excluded from annual income for a family?
Answer: (B) HUD 4350.3 says that childcare paid directly to the care provider on behalf of the household is excluded from being counted as income.
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