When determining the anticipated annual income of a household, the Social Security benefits paid to the minor occupants is included.
Answer: True; 4350.3 5-6 A-3 b
Average Income was created as a part of The Consolidated Appropriations Act of 2018 and must meet 3 basic rules. Which one is not a rule?
A. At least 40% of the units have to be both rent restricted and occupied by individuals whose incomes do not exceed the designated income limits.
B. The designated imputed income limitations must be in 5 percent increments (25%, 35%, 45%, 55%, 65%, 75%, or 85% of the area median gross income).
C. The designated imputed income limitations must be in 10 percent increments (20%, 30%, 40%, 50%, 60%, 70%, or 80% of the area median gross income).
D. The average of the designated imputed income limits cannot exceed 60% of area median income.
Answer: B. The designated imputed income limitations must be in 5 percent increments (25%, 35%, 45%, 55%, 65%, 75%, or 85% of the area median gross income). Section 42(g)(1)(C)(i)
Every LIHTC property has a minimum set-aside. There are four options, on which IRS form can the owner make this selection?
Answer: C. 8609; This is an irrevocable election. IRC §42(g)(1)
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