Question One

When an asset is in the name of a minor child only, it is not counted as a household asset in a 100% LIHTC property. True or False?

Answer: False
HUD 4350.3 Page 5-8

Question Two

A 100% LIHTC household currently has a checking account worth $100 which has a six month average of $1,500. They also have a savings account with a current value of $200. It has a six month average of $1,000. If these are the only assets that the household owns, what is the total value of assets?

A. $300
B. $1,100
C. $1,500
D. $1,700

Answer: D. $1,700
Checking $1,500 + Savings $200
Checking = Use the average; Savings = Use the current value

Question Three

A person at a property that is not 100% tax credit moved in on March 17, 2022. What is the latest date that a recert can be completed?

A. 12/31/2022
B. 3/1/2023
C. 3/17/2023
D. 4/1/2023

Answer: C. 3/17/2023
Recertifications must be completed each year no later than the 12-month anniversary date of the move-in or last recert date. Therefore, March 17, 2023, is the correct answer. Be sure to check with your state though, sometimes the state requirement is the 1st of the month.