Tax Credit 101

What is Tax Credit

100

What is a Tax Credit?

What is a dollar for dollar credit against a tax liability

200

What is LIHTC stand for?

What is Low Income Housing Tax Credit 

300

What program does affordable housing operate under of the internal revenue code?

What is Section 42

400

Who issues the income limits? 

Who is HUD?

500

Which of these are not a known name for the tax credit program?

1. LIHC
2. ”LI-TECH”
3. AFHO

What is AFHO

Why is TC Important

100

Tax credit provides the community with _______ housing options. 

What is affordable.

200

True or False:  It is okay to cut corners in the qualification process if a resident needs housing immediately. 

What is False

300

What are we protecting by maintaining tax credit compliance? 

What is a multi-million dollar asset. 

400

Who recieves the tax credits? 

Who is the owner.

500

What are the term years for the tax credit commitment? 

What is 15-30 years. 

Leasing Process

100

True or False: If you are on a two-year waitlist, you do not need to take the time to tour a new prospect when they walk in. 

What is False. 

200

Being able to explain program is:

A. Required
B. Suggested
C. Not Necessary

What is A. Required. 

300

What must each applicant sign before they can be screened?

What is resident selection criteria. 

400

What color ink must all paperwork be filled out in?

What is blue Ink.

500

True or False:  It is okay to leave a question on an application if they do not have any information to provide regarding that question.

What is False. 

Applicants

100

How should mistakes be correct on the application?

What is single line through original answer and initialed by the applicant 

200

What is the definition of a household? 

What is any individual or groups of individuals choosing to reside in a single housing unit.

300

What is the occupancy standard? 

What is 2 heads per bed plus 1. 

400

What are the main four aspects when qualifying a household?

Household Compensation, Income, Assets, Student Status

500

What two types of occupants do not count towards the total household occupant count. 

What is live in aids and guest. 

Applicants 2

100

What does the following list determine in the application process? 

1. Employment
2. Rental Income
3. Social Security Income
4. Interest 

What is total household income. 

200

True or False: You are automatically denied if you own real estate. 

What is False 

300

What are the income limits based on? 

What is area median income, also know as AMI

400

True or False: Original ID documentation are required. Copies can not be accepted.

What is True.

500

Name at least 2 of the the 5 student housing exceptions? 

What is: 

1. Receiving assistance under title 4 of the social security act (TANF).
2. at least one student was under the care or placement of foster care.
3. at least one student is participating in job training partnership act, workforce investment act, or similar.
4. Household consistent of entirely of single parents with children.
5. Household is married and entitled to file a joint tax return.