Quizzle Answers 07/15/2022, Jeffrey Promnitz
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.
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