Wheatley Lofts is a 100% LIHTC building going through an acquisition/rehab. The building was acquired on 10/16/2021 and the rehab was placed in service 3/15/2022. What date can both credits begin?
Answer: A. 1/1/2022
Both credits may begin on 1/1/2022 because the acquisition date is different than the rehab date. It will always be deferred to the year of the rehab and start claiming credits in the beginning of the tax year.
An applicant living at a 100% LIHTC property receives a gross monthly social security benefit in the amount of $664. Of this amount, $102 is an amount being paid due to a delay in benefits. What is the annual income from this source?
C. It depends on the age of the benefit recipient. If the recipient is a minor, then the benefit amount would not be included when determining annual income.
Answer: A. $6,744
$664 - $102 = $542 * 12 months = $6,744
According to 4350.3 5-6 I & J / 5-11 & 12 Exhibit 5-1 / 1, delayed payments are excluded when calculating income from social security and other benefits.
Mr. Jones owns a four-unit building. He lives in one unit and rented the three remaining units to male tenants. These three units are always rented to male applicants because Mr. Jones believes he can rent the units to anyone he wants to. Mr. Jones renting these units to only men is an example of:
A. Fair Housing violation
B. Mrs. Murphy’s Exemption
C. Reasonable Accommodation
D. Closed Door Policy
Answer: B. Mrs. Murphy’s Exemption
This exemption is a hypothetical elderly widow, Mrs. Murphy, who would like to rent a portion of her home to supplement her limited income, and may have a desire to specifically pick out her own tenants.
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