True or False
Income and Assets
Darn Students!
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Ann's Corner
100
Optional W/D Fees count towards Max Rent
False
100
This type of deduction on a paycheck requires further asset verification.
What is a 401K deduction?
100
True or False: An applicant enrolled in a 6 month training program to become a radiology technician is not a student.
False
100
This type of office product cannot be used on tax credit documents.
What is White Out
100
This is the estimated amount tenants typically pay for their utilites.
What is Utility Allowance or (UA)
200
Admin Fee's are permitted in additon to application fees
False
200
An EV says the emplyee earns 13.50 per hour for 35 hours per week. The YTD at week 15 is $7,125. What is the annual income?
What is $24,700
200
You have a household coming up for recertification at your property. The 3 adults that live in the household are all original household members. At move-in 2 of them were full-time students, and one of them was not a student. All of them were working full-time at move in. Now, at recertification they are all full time students with full-time jobs. Do they still qualify to live at the property?
No. If they do not meet one of the student exceptions for full time student households, they will have to move.
200
This is the Acronym used for Tenant Income Certification.
What is a TIC
200
This is where you can find your community requirements
What is the Compliance Binder
300
Because Month-to-Month fees are technically "optional" they are not included in Max Rent
False. Month to Month fees are always included in base rent for TC purposes.
300
An application shows a house jointly owned by a husband and wife, but only the wife is applying because they are splitting. The house is valued at $100,000. The outstanding balance on the mortgage is $50,000. The cost to convert to cash is 6%. What is the value of this asset? Bonus 100 points: What will the annual income on the asset be?
What is $22,000? Bonus: 100 points What is $440
300
How much earned income is counted for a dependent student 18 and over? Bonus 100 points: How much earned income is counted for a dependent student under the age of 18?
What is the lesser of $480 per year or the actual income? Bonus: What is zero?
300
This is the amount of money that can be charged for renting the community room.
What is Zero. We are not permitted to charge for common area usage.
300
An employee who is not Tax Credit qualified can move into this type of unit.
What is an Exempt Unit
400
Amenity charges such as "Wood-style" flooring and "View" count toward Max Rent.
True
400
How much of Court Ordered child support is counted in tenant income?
100% of Court Ordered child support is counted regardless of how much the tenant actually receives, unless they can show documented efforts of unsuccessful attempts to collect.
400
The amount of months in a calendar year a person must be enrolled full time in classes to be considered a full-time student.
What is 5 months?
400
This is the Acronym for Low Income Housing Tax Credit?
What is LIHTC?
400
This is the number of years in the initial compliance period
What is 15 years?
500
Your applicant listed 2 bank accounts with total assets valued at $2,400, and a 401k valued at $1,400. You will need to send a verification to the financial institutions.
False: With the exception of Michigan, you do not need to verify assets that are valued under $5,000.
500
An EV says the employee is a seasonal worker who works November through April. He receives no other income and no unemployment income for the rest of the year. The last 6 paychecks, with a period end date of 3/15 average $600/week. The YTD covering 11 weeks shows $7,000. What is the annual income?
What is $16,545?
500
A single expecting woman that is a full-time student applies to live at your community. Does she qualify?
Yes, the expected child is counted as a dependent which meets one of the allowed student exceptions.
500
Name as many consequenses of uncorrected non-compliance findings that you can for 50 points each. Hint....Look at your cheat sheet!
-An 8823 goes to the IRS -The investor can loose Tax Credits -Investor will have to pay interest and penalties to IRS -Owner gets placed on a "watch list" with the agency -Manement company gets placed on a "watch list" with the agency -A personal call from Fred -Affects our ability to buy TC properties in other states -Affects our ability to sumbit a QCP (Qualified Contract Price)
500
This is when you should contact your compliance department.
What is ANYTIME you have a QUESTION!!!?? :)
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