LIHTC TEST - BASIC FACTS ACTUAL QUESTIONS

LIHTC TEST - BASIC FACTS (ACTUAL / ) QUESTIONS

AND VERIFIED CORRECT ANSWERS

Limited Partner/Syndicator - ---Answers___Gives the money and owns most of the property

The IRS - ---Answers___Oversees the program

The State - ---Answers___Allocates credits and moniters for compliance

Details about your Property (6 things) - ---Answers___1. BIN

• Income Limits
• Maximum Allowable Gross Rent
• UA Updates
• Minimum Set Asides
• Other Set Asides

BIN - ---Answers___Can be found on 8609 form - includes State postal code, year bldg was allocated tc's - 5 state specific numbers

Income Limits (4) - ---Answers___1. Yearly assigned by HUD for each county

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