TCS Income Calculation and Verification

Question 1

Which form is used by applicants to self-certify their income under the LIHTC program?

Accepted Answer

Tenant Income Certification (TIC)

Answer

The Tenant Income Certification (TIC) is used to document and certify a household's income at move-in and recertification.

Question 2

Under LIHTC rules, how many months of pay stubs are typically required to annualize employment income?

Accepted Answer

3 months

Answer

Most state agencies require at least 3 months of recent pay stubs to accurately project annualized employment income.

Question 3

Child support income for a household member must be counted as:

Accepted Answer

The full anticipated amount based on all sources

Answer

All anticipated child support income, including informal payments, must be counted when calculating household income.

Question 4

What is the income test for a household to qualify for a 50% AMI unit?

Accepted Answer

Household income must be at or below 50% AMI

Answer

To occupy a 50% AMI unit, the household's total gross annual income must be at or below 50% of the Area Median Income.

Question 5

Full-time student households are generally ineligible for LIHTC units UNLESS they meet which exception?

Accepted Answer

Both B and C

Answer

Full-time student households may qualify if they receive TANF or if the household consists of a single parent with dependent children who are also full-time students.

TCS - Tax Credit Specialist Practice Test

TCS - Tax Credit Specialist Practice Test

TCS Income Calculation and Verification