LIHTC Compliance OHCS Manual! Trivia Training Quiz

2.

Tenant Collection Data includes which of the following;

Race and ethnicity
Family composition and disability status
Monthly rents and household incomes
All of the above

Correct Answer

A. All of the above

Explanation

The correct answer is "All of the above". Tenant Collection Data includes information on race and ethnicity, family composition and disability status, as well as monthly rents and household incomes. This data is collected to understand the demographics and needs of tenants, and to ensure fair housing practices and policies.

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3.

Fulltime student exception, (section 3004(e)(II)(i)(4)) has amended the list to include students previously in foster care assistance.

True
False

Correct Answer

A. True

Explanation

The fulltime student exception, as stated in section 3004(e)(II)(i)(4), has been amended to include students who were previously receiving foster care assistance. This means that these students are now eligible for the exception and can continue to receive assistance while being a fulltime student. Therefore, the statement is true.

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4.

Projects that received Tax Credit allocation prior to January 1, 1990 were subject to;

5 year compliance period
7 year compliance period
10 year compliance period
15 year compliance period

Correct Answer

A. 15 year compliance period

Explanation

Projects that received Tax Credit allocation prior to January 1, 1990 were subject to a 15-year compliance period. This means that these projects had to comply with certain regulations and requirements for a period of 15 years in order to maintain their eligibility for the Tax Credit allocation.

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5.

Owners must rely only on the information provided by OHCS to determine if the project is in compliance.

True
False

Correct Answer

A. False

Explanation

Owners must not rely only on the information provided by OHCS to determine if the project is in compliance. There may be other sources of information or factors that need to be considered in order to accurately determine compliance.

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6.

IRS holds OHCS responsible for the non-compliance of owners.

True
False

Correct Answer

A. False

Explanation

The given statement is false. The IRS does not hold OHCS responsible for the non-compliance of owners.

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0

7.

After the signing of HERA, the following changes/amendments were made to “Tenant Income Certifications” for properties with 100% Tax Credit (and tax-exempt bond-financed properties);

Annual recertification’s were waived
OHCS then required completed certification at move in, and 1st year anniversary date
Third party verification must be obtained
All of the above

Correct Answer

A. All of the above

Explanation

After the signing of HERA, several changes and amendments were made to "Tenant Income Certifications" for properties with 100% Tax Credit and tax-exempt bond-financed properties. These changes include waiving annual recertification requirements, implementing a requirement for completed certification at move-in and on the 1st year anniversary date, and mandating the acquisition of third-party verification. Therefore, the correct answer is that all of the above changes and amendments were made.

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8.

The main purpose of the OHCS LIHTC compliance manual is?

A substitute the Internal Revenue Code (Section 42)
It is intended to be used as a supplement to the Code
Not developed for use of Owners or managing agents
All of the above

Correct Answer

A. It is intended to be used as a supplement to the Code

Explanation

The main purpose of the OHCS LIHTC compliance manual is to be used as a supplement to the Internal Revenue Code (Section 42). It is not a substitute for the Code, but rather provides additional guidance and clarification for owners and managing agents in complying with LIHTC regulations. Therefore, the correct answer is that it is intended to be used as a supplement to the Code.

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2

9.

Projects receiving credit allocation post December 31, 1989;

Must commit to an extended use period
Must comply for only 15 years
Are subject to a 10 year compliance after being placed in service
Must meet compliance 35 years and 1 day

Correct Answer

A. Must commit to an extended use period

Explanation

Projects receiving credit allocation post December 31, 1989 must commit to an extended use period. This means that they are required to maintain the affordable housing units for a specific period of time after the project is placed in service. The extended use period ensures that the project continues to serve its intended purpose of providing affordable housing for a longer duration.

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10.

With the signing of HERA by the president the following were changes made or introduced;

General Public Use Clarification
Safe Harbor Rule
Utility Allowance Update
Available Unit Rule

Correct Answer

A. General Public Use Clarification

Explanation

HERA, or the Housing and Economic Recovery Act, brought about several changes and introductions. One of these changes was the General Public Use Clarification. This clarification aimed to provide a clearer understanding of the rules and regulations regarding the use of public housing by the general public. It may have addressed issues such as eligibility criteria, application processes, and any restrictions or limitations on the use of public housing. This clarification would have helped ensure that public housing is accessible to those who truly need it and that it is being utilized appropriately.

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LIHTC Compliance OHCS Manual! Trivia Training Quiz

LIHTC stands for which of the following acronyms?

Quiz Preview

Tenant Collection Data includes which of the following;

Fulltime student exception, (section 3004(e)(II)(i)(4)) has amended the list to include students previously in foster care assistance.

Projects that received Tax Credit allocation prior to January 1, 1990 were subject to;

Owners must rely only on the information provided by OHCS to determine if the project is in compliance.

IRS holds OHCS responsible for the non-compliance of owners.

After the signing of HERA, the following changes/amendments were made to “Tenant Income Certifications” for properties with 100% Tax Credit (and tax-exempt bond-financed properties);

The main purpose of the OHCS LIHTC compliance manual is?

Projects receiving credit allocation post December 31, 1989;

With the signing of HERA by the president the following were changes made or introduced;