TCS Initial Occupancy and Move-In Procedures

Question 1

Before a new LIHTC tenant moves in, the owner must complete which step first?

Accepted Answer

Verify and certify the household's income eligibility

Answer

The owner must verify income and execute a Tenant Income Certification (TIC) before a household moves into a LIHTC unit.

Question 2

How long before move-in may an income certification remain valid under standard LIHTC rules?

Accepted Answer

120 days

Answer

A Tenant Income Certification is generally valid for up to 120 days before the tenant's move-in date.

Question 3

A household consists of two adults and one child. For LIHTC income eligibility, who must be included in the household income calculation?

Accepted Answer

All household members including the child

Answer

Income from all household members, including minors with employment income, must be included in the eligibility calculation.

Question 4

Which item should be included in a new tenant move-in package at a LIHTC property?

Accepted Answer

The Tenant Income Certification signed by all adult household members

Answer

The move-in package must include a completed and signed Tenant Income Certification documenting the household's eligibility.

Question 5

What must an owner document when a unit is transferred from a non-LIHTC to a LIHTC unit?

Accepted Answer

A new income certification for the current occupant

Answer

When designating a unit as a LIHTC unit occupied by an existing resident, the owner must complete a new income certification to confirm current eligibility.

TCS - Tax Credit Specialist Practice Test

TCS - Tax Credit Specialist Practice Test

TCS Initial Occupancy and Move-In Procedures