TCS Rent and Utility Allowances 3

Question 1

Which method may NOT be used as an alternative utility allowance source for LIHTC properties?

Accepted Answer

Owner-estimated utility costs without documentation

Answer

HUD Utility Schedule Model

Answer

Energy consumption model

Answer

Local PHA utility allowance schedule

Question 2

A property with an Energy Star certification may use which utility allowance method to reflect lower utility costs?

Accepted Answer

Energy consumption model reflecting the building's actual efficiency

Answer

HFA standard schedule only

Answer

Prior-year actual utility bills averaged across all units

Answer

HUD Fair Market Rents adjusted for energy features

Question 3

What must an owner do if they discover their property has been charging gross rents above the applicable maximum?

Accepted Answer

Refund the overcharged amounts to affected tenants and reduce rents

Answer

Notify the IRS immediately and request a waiver

Answer

Correct the rents prospectively and notify the state agency

Answer

Issue a notice of rent increase to document the error

Question 4

Utility allowance increases are typically effective:

Accepted Answer

90 days after the HFA publishes updated schedules

Answer

On the date they are published by the HFA

Answer

At the next annual recertification for each tenant

Answer

Only after IRS approval

Question 5

Which type of charge is NOT included in gross rent for LIHTC compliance?

Accepted Answer

Optional storage unit fees

Answer

Parking fees for required assigned spaces

Answer

Mandatory pet fees

Answer

Mandatory trash removal fees

Question 6

Which HUD publication provides the standard passbook savings rate used for asset income imputation?

Accepted Answer

HUD Notice PIH or RHIIP transmittal letters

Answer

HUD Form 52517

Answer

HUD Income Limits Briefing Material

Answer

HUD Handbook 4350.3 Appendix