TCS Rent and Utility Allowances 2

Question 1

The gross rent floor for a LIHTC project is established at:

Accepted Answer

The date the project receives its allocation

Answer

The date the building is placed in service

Answer

The date the Form 8609 is filed

Answer

The first day of the compliance period

Question 2

The gross rent floor provision protects owners by ensuring:

Accepted Answer

Rents can never decrease even if AMI drops

Answer

Tenants can never pay more than the maximum rent

Answer

Owners can charge market rent after 15 years

Answer

Utility allowances cannot exceed 30% of income

Question 3

Which bedroom size is used to determine the income limit for a studio (zero-bedroom) unit?

Accepted Answer

One-person household income limit

Answer

Two-person household income limit

Answer

The 1.5-person average is used

Answer

The limit for one occupant is used directly

Question 4

If a property owner provides an owner-paid utility allowance to a tenant, the amount provided:

Accepted Answer

Reduces the maximum allowable contract rent

Answer

Is added to the tenant's income

Answer

Is excluded from gross rent calculations

Answer

Must equal the HFA-published utility allowance exactly

Question 5

How are bedroom sizes assigned for rent limit purposes when a LIHTC unit is intended for persons with disabilities?

Accepted Answer

The actual bedroom count of the unit determines the limit

Answer

Units are counted at zero bedrooms regardless of size

Answer

The number of accessible features determines the rent limit

Answer

The owner may choose any applicable bedroom category

Question 6

A property charges $800 per month for a one-bedroom unit where the tenant pays all utilities. The applicable utility allowance is $150. What is the gross rent?

Accepted Answer

$950

Answer

$800

Answer

$650

Answer

$1,050