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

Form 8609

Answer

Form 1040

Answer

HUD-50058

Question 2

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

Accepted Answer

3 months

Answer

1 month

Answer

2 months

Answer

6 months

Question 3

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

Accepted Answer

The full anticipated amount based on all sources

Answer

Only verified court-ordered amounts

Answer

Zero if not consistently received

Answer

Only the amount deposited into a bank account

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

Household income must be exactly 50% AMI

Answer

Household income must be below 60% AMI

Answer

Household income must be at or below 80% AMI

Question 5

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

Accepted Answer

Both B and C

Answer

They are veterans

Answer

They receive TANF assistance

Answer

They are single parents with dependent children

Question 6

Social Security income must be verified using:

Accepted Answer

An SSA benefit verification letter or current award letter

Answer

A prior-year tax return only

Answer

A bank statement showing deposits

Answer

Self-certification by the applicant