Question One
True or False. An adult FT student applying at a Section 42 community is pursuing a General Equivalency Diploma (GED) is considered a full-time student for the LIHTC program.
Answer: False. The IRS defines full time student status as: Determined by the educational organization as attending full time to include elementary school, junior and senior high schools as well as institutes of higher learning; The student must attend a school with facilities and regular student body; and Attend full-time all or parts of any 5 months out of the year (doesn’t have to be consecutive
Section 42(i)(3)(d) & 8823 Guide Chapter 17.
**Additionally, the longest term for the GED is 4 months.
Question Two
True or False. HUD housing programs may not deny or terminate applicant/tenant assistance or tenancy on the basis or as a direct result of the applicant or tenant currently or having been a victim of domestic violence, dating violence, sexual assault, or stalking.
Answer: True. Provided that the applicant or tenant otherwise qualifies for admission, assistance, participation, or occupancy.
Question Three
Sally is applying at a LIHTC community. She has a court order establishing monthly child support payments for $300. In reviewing the verification received from the child support enforcement agency, it is verified that the household is receiving monthly payments of $200 and Sally has not pursued or made an effort to collect the unpaid portion. The manager determines that the annual amount of income for child support is $3,600 because that is the court ordered amount. Is this the correct amount?
Answer: Yes. We would count the full court ordered amount since Sally is not making any efforts to collect the amount that is not being paid.
Compliance Quizzle Signup
Question One Wheatley Lofts is a 100% LIHTC building going through an acquisition/rehab. ... Read More
Question one What is the maximum late fee amount you can charge at a HUD property? A. ... Read More
Question One When an asset is in the name of a minor child only, it is not counted as a... Read More
Question One Kyle is unemployed and receiving $362 per week. The verification from the un... Read More
Question One A tenant at Whispering Hollow apartments asks the property manager for permi... Read More
Question One A family who initially qualified is now over the 140% limit as of their May ... Read More