Student Rule & More
Preferred's Student Eligibility Declaration is sufficient documentation to establish student status under the HOME definition.
True or False?
False. Both forms must be provided in the file to meet both HOME and LIHTC student rules.
Slides 21 and 22
HOME requires 2-4 stubs to document employment income.
True or False
False. HOME requires 61 days of verifiable income.
Slide 27
Assets can ONLY be verified through banks statments.
True or False?
False. Bank statements are not the only verification documents for assets.
The HOME Program has the same rent limits as LIHTC. 50% set aside and 60% set aside
True or False?
False. HOME has Low HOME rent and High HOME Rent.
Slide 3
If NextGen shows HOME as the program type, no action is required as long as the HH meets the income requirements.
Is this true?
No, it's not. Corrections are needed to complete required program documentation and forms.
Slide 10
Which of the following meet the definition of a student? List all that apply.
a) Under 24, enrolled PT/FT in higher education
b) With no disability, not a veteran, not married, and does not have a dependent child
c) Anyone enrolled in higher education
d) Over 18, enrolled PT/FT in higher education
a and b
Slide 20 Rule
Slide 24 Exemptions
For HOME, which of the following is required when a HH member has zero income?
a) A certification of zero income is enough
b) A non-employment form + A certification of zero income
c) A self-declaration is sufficient proof for HOME
b
Slide 13
For HOME:
a) All assets regardless of value must be verified by a 3rd party only at MI.
b) All assets regardless of value must be verified by a 3rd party every year.
c) Only assets above the current threshold must be 3rd-party verified.
Which answer/answers is/are correct?
b
Slide 28
Unborn children ARE NOT includd as household members and cannot be considered a non-student under HOME.
True or False?
True
Slide 12
HOME files can self-certify after one full recert.
True or false?
False. A full annual recertification is required every year after MI.
Slide 7
If a file is following the HOME and the Tax Credit programs, we should make sure that only the HOME student rule is being followed since it's the most restrictive program of the two.
Is this true?
No, it's not. A resident seeking to qualify for a HOME unit that is funded by tax credits will need to qualify under both sets of rules.
Slide 20
Which dates should be used to determine whether pay stubs cover 61 days?
Oldest stub: period start date+ most recent stub: period end date
When interest is earned, asset must be documented by:
Obtaining a minimum of two months of bank statements.
Slide 29
Which statement describes income verification requirements for a HH receiving rental assistance according to HOME.
a)PHA Verification of Income Form is optional.
b) PHA Verification of Income Form IS NOT permitted.
c) PHA Verification of Income Form IS required + the independent 3rd-party verification documents
a
Slide 14
For HOME files, what rent limit should be used from the RIS? The one for HOME or the one for LIHTC?
The most restrictive one wins.
Slide 7
Name 4 exemptions to the Tax Credit Student Rule and their corresponding verification documentation.
1. Married and entitled to a joint tax return (Tax return)
2. Single parent with a dependent (Tax return)
3. FT student who was previously under the care of of Foster Care Program (verification of participation in the foster care program)
4. Enrolled in a job training program receiving assistance (award letter documents)
5. Receiving assistance through AFDC or TANF (AFDC or TANF award letters)
Slide 25
For Section 8 Verification, only the state form must be used.
True or False?
False. Preferred's form or Hihgmark's form can be used.
Slide 15
For HOME, for S8 Voucher holders, the tenant portion+ rent assistance + UA CAN exceed the HOME maximum rent limit just like for LIHTC.
True or False?
False. it cannot exceed the HOME Max Gross rent amount.
Slide 8
Which statements are true regading an OI household in a HOME unit?
a) HOME uses 140% income limit to determinte if a HH is OI at AR.
b) A replacement unit must be designated when a tenant becomes OI.
c) HOME uses 80% income limit to determine income eligibility at AR.
d) Once a household becomes OI, no additional action is required. It is not important at recert.
b and c
Slides 32 and 34
Explain the Next Available Unit Rule.
Exceeds 80%
A replacement HOME unit must be designated
Slides 30-35
Explain the Two Options for the exceptions to the HOME Student Rule.
Option 1: all must be met
Option 2: must meet the first requirement of being of legal age under state law and one of exception on the list.
Slide 24
What happens with the NAU Rule if the property is 100% HOME? (2 requirements)
•The property will be short one HOME Unit until the household decides to vacate
•The Site does not have to complete the NAUR form
Slide 35
Take a look at this scenario:
•Household originally qualified at 45% AMI and occupied a Low HOME unit.
•At annual recertification, income rises to 65% AMI.
What is the result?
✅The household no longer qualifies as Low HOME.
✅ Because the household is still under 80% AMI, the unit may be redesignated as a High HOME unit.
✅ To maintain the required HOME mix, another eligible unit may need to become the replacement Low HOME unit according to the property's designation method.
Slide 31
Which actions are part of our role when ensuring compliance with the NAUR? Name all that apply.
a) send the common correction
b) determine the property's net available unit
c) Ensure basic information is complete
d) Approve the unit designation
a and c
Slide 30
Explain the main differences between HOME and LIHTC. (5 main differences at least)
FOR HOME:
Income: 61-days worth of stubs for income verification.
Assets: These will be verified at MI and every single year
Student rule is different
Unborn children are not considered HH members.
HH cannot self-certify. A full AR must be completed every year after the initial certification.
Slides 36-37