LIHTC Property Management & Compliance Monitoring 2

Question 1

Under the LIHTC 'available unit rule,' if a previously 100%-qualified building has a unit become available, what must the owner do before renting to a market-rate tenant?

Accepted Answer

Rent the next available unit to a qualified low-income household first

Answer

Keep the unit vacant for at least 60 days

Answer

Obtain TCAC approval for the market-rate lease

Answer

Convert the unit to a manager's unit temporarily

Question 2

Which of the following generally does NOT qualify as a 'low-income unit' for LIHTC purposes?

Accepted Answer

A unit used as a live-in resident manager's unit

Answer

A unit occupied by a 50% AMI household in a 50% AMI project

Answer

A vacant unit previously occupied by a qualified tenant being held available for rent

Answer

A unit occupied by a 60% AMI household in a 60% AMI project

Question 3

Under the LIHTC full-time student rule, which household is eligible to occupy a tax-credit unit?

Accepted Answer

A single parent with a child, both enrolled full-time in school

Answer

A household of two unrelated full-time college students

Answer

A household of five full-time students with no extenuating circumstances

Answer

A full-time student household receiving no public assistance

Question 4

What is the primary purpose of a LIHTC Extended Use Agreement (EUA)?

Accepted Answer

To restrict the property to affordable housing use beyond the initial 15-year compliance period

Answer

To authorize the developer to syndicate tax credits to investors

Answer

To set the maximum rent for all units during the credit period

Answer

To establish the qualified basis for annual credit calculations

Question 5

During a TCAC compliance review, which documentation is the primary tool for verifying tenant income eligibility at move-in?

Accepted Answer

The Tenant Income Certification (TIC) supported by third-party verifications

Answer

The executed lease agreement

Answer

The property management contract

Answer

The tax credit allocation letter (IRS Form 8609)

Question 6

Under the LIHTC 'vacant unit rule,' when does a formerly qualified vacant unit continue to count toward the project's qualified basis?

Accepted Answer

When it is held available for rent and the owner's marketing procedures for low-income tenants remain unchanged

Answer

When it has been vacant for fewer than 90 days only

Answer

When the owner files a TCAC vacancy notice within 30 days

Answer

When the vacancy is caused by a natural disaster or force majeure

Question 7

Per IRS Revenue Procedure 2016-15 safe harbor, what minimum percentage of LIHTC low-income units must be physically inspected at least once every 3 years?

Accepted Answer

20%

Answer

5%

Answer

10%

Answer

33%