Household Composition
ASSETS
EV!
Mix it Up!
What should I do!?
100
An unmarried couple applies for an apartment and they tell you during the application process that they are expecting a baby in 5 months. How many people are in this household?
3: Unborn children of pregnant women are household members. Use the 3 person income limit for this household
100
You send a bank verification for an applicant and it is returned. The applicant has a checking account, and a savings account with the following balances: Checking Account: Current bal $360 6-Month Avg $3780 Savings Account: Current bal $2500 6-Month Avg $1200 What amounts do you key into onesite for the Tic?
Checking Account: 6-Month Av Savings Account: Current Balance
100
An employer returns a verification and states that the employment is seasonal. The employee will be working from May 16, 2016 to October 31, 2016. This applicant plans to move onto your property January 25, 2016. How many weeks will you use to populate the seasonal income spreadsheet?
24 Weeks May 16, 2016 falls on week 20 October 31, 2016 falls on week 44 Because the move in falls on January 25, 2016 the initial certification will include the entire season we will count all of the weeks. 44-20=24 weeks
100
When an adult reports being a student, how do you determine full vs. part time student? 1-Allow self certification 2-Use info on tax return 3-Verify with the school
3: Full time student status is defined by the school being attended. Always get third party verification of student status for adults – especially when all members of the household are students
100
You go on a lunch break. When you come back to the office you see that someone has dropped off an application form. Some of the questions were not answered. So, you write NONE next to all the stuff they left blank. This is the correct thing to do. True False
False Never write on an application. You should call the applicant and clarify the missing information by documenting answers separately or have him come back in to finish the application
200
You property has only tax credit (no other programs) and you have an LIHTC-eligible single adult applicant who can afford it and would like to rent a 3 bedroom apartment. Can he have it?
Yes! There are no LIHTC restrictions on how many people can occupy a unit. You can place 3 people in a 1 bedroom unit, or 1 person in a 3 bedroom unit. But you always must abide by your local occupancy standards for maximum people in an apartment home.
200
An applicant has a checking account with a current balance of $4,000 and an average 6 month balance of $4,275.00. The interest rate is 0.0%. Please select the correct math to use: 1- $4,275 x .06% 2- $4,000 x .06% 3- $4,275 x 0% 4- $4,000 x 0%
3: Always use the average 6 month checking account balance for checking accounts. Do not impute interest unless combined value of all assets is $5,000 or more.
200
You fax an EV to Harry’s Hot Dog Hut. When it is sent back, the only questions answered are the hourly wage and number of hours per week. When you call to follow up with Harry regarding the fields left blank you should: 1- fill in the blanks on the EV with the info he provides 2- Say, “I assume the types of compensation you left blank do not apply to this employee, correct?” 3-Record Harry’s answers on a separate page and attach it to the EV 4- You don’t need to call Harry
ANSWER 3: Never write on a verification form after it was signed by the 3rd party. Always re-ask the questions when following up with a source via telephone. Be sure to keep the documented answers filed with the original (incomplete/unclear) verification so an auditor can easily review the file. Use a form specifically designed to document phone calls (record the date & time of call, who was contacted, etc)
200
A household applying to live at your property consists of 2 unrelated adults. One of the applicants is a full time college student and the other person is a half time college student. Is this household eligible? 1-Yes as long as income is under the limit 2-No due to a student status violation
1: Once student status has been third party verified, student status is only an issue when all members of the household meet the IRS definition of a full time student. -
200
You call an employer to obtain a fax number to send an EV and they state that they do not provide EV's, but that they subscribe to the Work Number. Your property does not subscribe to the Work Number.
Print out the work number list of employers that shows that employer listed as a subscriber or add a clarification to the file stating that the employer uses the work number, and ask your applicant for 6 consecutive paystubs.
300
A single parent with one child applies to live at your property. The household income is $26,000. The 1 person income limit is $25,000, the 2 person limit is $30,000. Do you need to document custody and that the child will live in the unit at least 50% of the time?
If household needs the children included as members in order to qualify, you should always document that they will reside in the unit at least 50% of the time, with a court order or a tax return claiming the children.
300
Mrs. Garcia owns a home that is for sale. The taxable value of the property is $100,000. She has listed it with a realtor for $95,000. After completing her application, but prior to moving into your property, the home sells for $85,000. Because the home sold for less than the taxable value, the $15,000 difference is considered a disposed asset. True or False?
False Mrs. Garcia sold her home for the best price she could get on the open market. She did not give it away or reduce the price as a favor to a friend or family member. Therefore the asset was sold for Fair Market Value.
300
Jose Rivera is employed at Home Improvement Warehouse. The EV for this job lists his wages as $8.00 per hour, 40 hours per week, with no additional pay from overtime, bonus, raise, etc. He gets paid biweekly. How would you calculate income from this job? 1- $8 x 40 x 52 2- $8 x 20 x 26 3- $8 x 40 x 26 4- $8 x 80 x 24
1: Income should always be calculated according to the information on the verification form. Tenant files should clearly show all math
300
You get an EV back from an employer that is filled out perfectly! The employer lists the applicant as a seasonal worker. Will there need to be any further clarifications with the employer/applicant?
Yes, whenever an applicant has seasonal work you need to contact the employer and clarify if he/she will be eligible to collect unemployment pay.
300
An applicant has a new part time job, 18 hours per week, at Don’s Donuts. His application shows he was previously working part time, 25 hours per week, at Cindy’s Coffee Shop. You should: 1- Verify employment with Don’s 2- Verify termination of employment with Cindy’s 3- Both of the above 4- None of the above
3: It is not uncommon for people to work 2 part time jobs in order to make ends meet. We require that you verify termination of employment when an individual’s current employment is less than 60 days and is PART TIME.
400
A divorced woman applies for a 2 BR apartment. She explains to you that her 15 year old daughter stays with her every other weekend so she needs the extra bedroom. She is willing to pay the higher rent amount. Her only source of income is a job which pays her $25,000 per year. The 1 person income limit is $22,250 and the 2 person income limit is $27,750. Is this a qualified household?
NO. A child may only count as a household member if they reside in the unit at least 50% of the time.
400
Your applicant lists Real Estate as an asset on their application. What type of documentation are you going to ask them to bring in to you?
Morgage payoff balance
400
Ken Carpenter is a retired widower whose only income is Social Security. When you get his award letter, you see that it lists three different monthly amounts. It shows his gross award is $1,230.70 and he should receive $1,230 per month. However, then goes on to explain that due to an overpayment, he will only receive $900 for the next 12 months. Which is the correct calculation: 1- 1,230 x 12 2- 900 x 12 3-1,230.70 x 12 4- None of the above
ANSWER 2: When the Social Security Administration is recovering for an overpayment, you should use the reduced amount. Other deductions (i.e. child support) cannot be subtracted and the gross benefit amount must be used
400
An applicant lists that they are currently "separated" on their application. You should: A-Process the application with only your applicant and any others listed on the application. It is not our job to question what the applicant states. B-Document the file with a legal separation form, a noterized affidavit from the absent spouse, or a current lease from the absent spouse showing them living somewhere else.
B- In the case of a separation, we need to know that the absent spouse will not be moving in with potential additional income that needs to be included in the household.
400
What is the annualized pay for a seasonal employee based on the following information: Gross pay on Last 6 paystubs: 742.56; 854.01; 646.58; 625.32; 799.08; 903.86 The pay checks run from May 16th 2016 through Aug 6th 2016. The employee has 4 weeks off unpaid every summer. The standard work week is 40 hours with occasional overtime. The employee gets paid bi-weekly.
$16, 761.80
500
A family applies to live at your community and their income is the following: Head of Household - $23,720 Co-Head - $8,600 Live-In Caregiver - $13,800 What is the anual income of the household?
$32,320 As long as the need for a live-in caregiver is documented by a physician, the income of the caregiver is not considered on the TIC, or on the management side. The caregiver is not rent responsible, and must move out if the person in need moves out.
500
You need to use paystubs for an applicant because you have attempted unsuccessfully two times to reach the employer. Your paystubs list a 401K and your applicant is contributing. You notice that the YTD contribution on this asset is $5,800. The asset was not listed on the application, but there was a checking account with a listed amount of $1,200 and a savings account with a listed amount of $500. Which of these assets needs to be verified through a 3rd party? A- The 401K B- None, use the under $5k form C- All of them D- The Checking and Savings
C- All of them. Even though the applicant forgot to list the asset, the YTD on the paystub brings the TOTAL assets over $5k, therefore ALL must be 3rd party verified.
500
You get an EV for a job which lists $10 per hour, 25 hours per week, and no additional pay from overtime, commissions, bonus, etc. A $1.00 per hour raise is scheduled for six months after move-in. The individual is paid weekly. Please select the correct math to use: 1- $10 x 25 x 52 2- $10 x 25 x 52 and $11 x 25 x 26 3- $10 x 25 x 26 and $11 x 25 x 26 4- $11 x 25 x 52 5- None of the above
3: Don’t forget to include raises that are verified
500
An employer returns a verification and states that the employment is seasonal. The employee will be working from Feb 16, 2016 to Nov 21, 2016. This applicant plans to move onto your property March 1, 2016. How many weeks will you use to populate the seasonal income spreadsheet?
38 Weeks Feb 16, 2016 falls on week 7 November 21, 2016 falls on week 47 47-7=40 weeks Because the move in falls on March 1, 2016 the initial certification will NOT include the entire season and we need to prorate the weeks. Feb 16, 2016 falls on week 7 (work start date) March 1, 2016 falls on week 9 (move-in date) 9-7=2 The full season was 40 weeks 40-2=38 weeks (prorate)
500
Who is the best Director of Affordable Housing in all of America?
ANN BEREZIN!
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