Income derived by multiplying cash value of a savings by the interest rate.
What is asset income?
100
This income is calculated when the household has assets that total more than $5000.
What is imputed income?
100
This is the number of exceptions for the student status policy for the LIHTC program.
What is 5 student exceptions?
100
Recertification letters should begin at this time.
What is 120 days?
200
A Grandmother who is moving in with her 2 Grandchildren who's Mother is away on military duty.
What is a 4 person household?
200
A tax return including schedule c is required.
What is verifying self employment?
200
For this asset a 6 month average balance must be given in order to determine asset income.
What is checking account?
200
On a 100 unit 40/60 LIHTC property this is the minimum number of units that must be qualified LIHTC units.
What is 40 units?
200
Semi-monthly pay should be multiplied by this.
What is 24 pay periods?
300
A Mother who is moving in with her son who she has less than 50% of the time per her custody agreement.
What is a 1 person household?
300
Except for the net income from business, this amount of income must be counted.
What is gross income?
300
When there are no liabilities or costs to convert an asset to cash, the market value is equal to this.
What is cash value?
300
In order for a minor to be a head or co-head of a LIHTC household they must be this.
What is emancipated?
300
This form should appear as the 1st form in the file when scanned to Compliance in the Fresh Desk system.
What is Compliance File Checklist?
400
Grandmother with foster care orders for her 3 Grandchildren.
What is a 4 person household?
400
The only source of military pay that is excluded from LIHTC income.
What is hostile fire pay?
400
This is used to determine what rate the imputed income for a household with assets over $5000 should use to multiply their assets by.
What is HUD passbook rate?
400
Student status of an applicant is determined by this.
What is educational organization?
400
Any individual or group of individuals choosing to reside in a single housing units is the definition of this.
What is household?
500
A husband with his wife who has self-certified that she is pregnant, 2 year old son, and 9 year old nephew who has been placed with them by the foster care system.
What is a 5 person household?
500
This must be addressed in any file where only one parent or both parents of the child are not living with the child in the unit.
What is child support?
500
This form should be sent to the bank in order to verify checking and savings accounts during the application process.
What is the Checking and Savings Verification?
500
This must be used by the applicant in order to documents an unborn child in the household.
What is self-certification?
500
This is triggered when a household exceeds the maximum income limits when adding a household member or at recertification.