Lihtc Compliance OHCS Manual! Trivia Training Quiz

10 Questions | Total Attempts: 701

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Lihtc Compliance OHCS Manual! Trivia Training Quiz

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.


Questions and Answers
  • 1. 
    LIHTC stands for which of the following acronyms? 
    • A. 

      Low Income HUD Tax Credit

    • B. 

      Low Income Housing Tax Credit

    • C. 

      Low to Intermediate Housing Tax Credit

    • D. 

      None of the above

  • 2. 
    The main purpose of the OHCS LIHTC compliance manual is?
    • A. 

      A substitute the Internal Revenue Code (Section 42)

    • B. 

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

    • C. 

      Not developed for use of Owners or managing agents

    • D. 

      All of the above

  • 3. 
    IRS holds OHCS responsible for the non-compliance of owners.
    • A. 

      True

    • B. 

      False

  • 4. 
    Owners must rely only on the information provided by OHCS to determine if the project is in compliance.
    • A. 

      True

    • B. 

      False

  • 5. 
    Projects that received Tax Credit allocation prior to January 1, 1990 were subject to;
    • A. 

      5 year compliance period

    • B. 

      7 year compliance period

    • C. 

      10 year compliance period

    • D. 

      15 year compliance period

  • 6. 
    Projects receiving credit allocation post December 31, 1989;
    • A. 

      Must commit to an extended use period

    • B. 

      Must comply for only 15 years

    • C. 

      Are subject to a 10 year compliance after being placed in service

    • D. 

      Must meet compliance 35 years and 1 day

  • 7. 
    With the signing of HERA by the president the following were changes made or introduced;
    • A. 

      General Public Use Clarification

    • B. 

      Safe Harbor Rule

    • C. 

      Utility Allowance Update

    • D. 

      Available Unit Rule

  • 8. 
    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);
    • A. 

      Annual recertification’s were waived

    • B. 

      OHCS then required completed certification at move in, and 1st year anniversary date

    • C. 

      Third party verification must be obtained

    • D. 

      All of the above

  • 9. 
    Tenant Collection Data includes which of the following;
    • A. 

      Race and ethnicity

    • B. 

      Family composition and disability status

    • C. 

      Monthly rents and household incomes

    • D. 

      All of the above

  • 10. 
    Fulltime student exception, (section 3004(e)(II)(i)(4)) has amended the list to include students previously in foster care assistance.
    • A. 

      True

    • B. 

      False

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