Tax Credit Specialist Questions and CORRECT ANSWERs the Latest Update and Recommended Version

Tax Credit Specialist Questions and CORRECT ANSWERs the Latest Update
and Recommended Version
Question : Who is responsible for most of the regulatory
administration of the Low-Income Housing Tax Credit
Programs?
CORRECT ANSWER: Internal Revenue Service (IRS)
Question : The initial Compliance Period for LIHTC
properties combined with the Extended Use Period must be
for a minimum period of affordability at:
CORRECT ANSWER: 30 years
Question : The LIHTC regulations required that HUD
guidance for properly identifying and calculating income and
assets be followed according to:
CORRECT ANSWER: HUD Handbook 4350.3 REV-1
Question : Use of HUD's Enterprise Income Verification
(EIV) system is:

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