Question One
Section 504 requires that an owner must provide that newly constructed or rehabilitated housing include a minimum of ___ units be accessible for persons with mobility impairments and ___ for persons with hearing/vision impairments.

A. 1% and 1%
B. 1% and 2%
C. 5% and 2%
D. 10% and 5%

Answer: C. 5% and 2%
See 4350.3 2-8 Section 504 of the Rehabilitation Act of 1973

Question Two
Jimmy lives in a 100% LIHTC property. He works at a factory for $8.50 an hour. His employer anticipates that he will work 35 hours a week and has no raise in the next year. What is his annual income?

A. $10,412.50
B. $15,470
C. $17,680
D. There is not enough information. The employer should provide an exact amount of hours per week instead of an anticipated amount.

Answer: $15,470
$8.50 X 35 hours per week X 52 weeks per year

Question Three
An LIHTC building is going through an acquisition/rehab. It was acquired on 6/1/2020. The rehab was PIS 6/13/2021. What date will both credits begin?

A. 6/1/2020
B. 7/1/2020
C. 6/1/2021
D. 1/1/2021

Answer: D. 1/1/2021
If the rehab is placed in service the following year, acquisition credits will be deferred, and both acquisition and rehab credits will generally begin at the start of the year that the rehab is PIS.