This trivia training quiz is made up of the LIHTC compliance OHCS manual. Owning a house is something that everyone desires to do, but if you work for OHCS, you know that you cannot just hand over a house until some things have been met. Do take the quiz below and get to see how well you understand the manual that has the guidelines for your job.
Low Income HUD Tax Credit
Low Income Housing Tax Credit
Low to Intermediate Housing Tax Credit
None of the above
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
True
False
True
False
5 year compliance period
7 year compliance period
10 year compliance period
15 year compliance period
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
General Public Use Clarification
Safe Harbor Rule
Utility Allowance Update
Available Unit Rule
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
Race and ethnicity
Family composition and disability status
Monthly rents and household incomes
All of the above
True
False
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Here's an interesting quiz for you.