LIHTC Compliance OHCS Manual! Trivia Training Quiz
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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.
- 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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