LIHTC Compliance OHCS Manual! Trivia Training Quiz
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This trivia training quiz is made up of the LIHTC compliance OHCS manual. Owning a house is something that everyone desires to do, but if you work for OHCS, you know that you cannot just hand over a house until some things have been met. Do take the quiz below and get to see how well you understand the manual that has the guidelines for your job.
- 1.
LIHTC stands for which of the following acronyms?
- A.
Low Income HUD Tax Credit
- B.
Low Income Housing Tax Credit
- C.
Low to Intermediate Housing Tax Credit
- D.
None of the above
Correct Answer
B. Low Income Housing Tax CreditExplanation
The correct answer is "Low Income Housing Tax Credit." LIHTC stands for Low Income Housing Tax Credit, which is a federal program that provides tax incentives to developers and investors for the construction and preservation of affordable rental housing for low-income households.Rate this question:
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- 2.
The main purpose of the OHCS LIHTC compliance manual is?
- A.
A substitute the Internal Revenue Code (Section 42)
- B.
It is intended to be used as a supplement to the Code
- C.
Not developed for use of Owners or managing agents
- D.
All of the above
Correct Answer
B. It is intended to be used as a supplement to the CodeExplanation
The main purpose of the OHCS LIHTC compliance manual is to be used as a supplement to the Internal Revenue Code (Section 42). It is not a substitute for the Code, but rather provides additional guidance and clarification for owners and managing agents in complying with LIHTC regulations. Therefore, the correct answer is that it is intended to be used as a supplement to the Code.Rate this question:
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- 3.
IRS holds OHCS responsible for the non-compliance of owners.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The given statement is false. The IRS does not hold OHCS responsible for the non-compliance of owners.Rate this question:
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- 4.
Owners must rely only on the information provided by OHCS to determine if the project is in compliance.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Owners must not rely only on the information provided by OHCS to determine if the project is in compliance. There may be other sources of information or factors that need to be considered in order to accurately determine compliance.Rate this question:
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- 5.
Projects that received Tax Credit allocation prior to January 1, 1990 were subject to;
- A.
5 year compliance period
- B.
7 year compliance period
- C.
10 year compliance period
- D.
15 year compliance period
Correct Answer
D. 15 year compliance periodExplanation
Projects that received Tax Credit allocation prior to January 1, 1990 were subject to a 15-year compliance period. This means that these projects had to comply with certain regulations and requirements for a period of 15 years in order to maintain their eligibility for the Tax Credit allocation.Rate this question:
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- 6.
Projects receiving credit allocation post December 31, 1989;
- A.
Must commit to an extended use period
- B.
Must comply for only 15 years
- C.
Are subject to a 10 year compliance after being placed in service
- D.
Must meet compliance 35 years and 1 day
Correct Answer
A. Must commit to an extended use periodExplanation
Projects receiving credit allocation post December 31, 1989 must commit to an extended use period. This means that they are required to maintain the affordable housing units for a specific period of time after the project is placed in service. The extended use period ensures that the project continues to serve its intended purpose of providing affordable housing for a longer duration.Rate this question:
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- 7.
With the signing of HERA by the president the following were changes made or introduced;
- A.
General Public Use Clarification
- B.
Safe Harbor Rule
- C.
Utility Allowance Update
- D.
Available Unit Rule
Correct Answer
A. General Public Use ClarificationExplanation
HERA, or the Housing and Economic Recovery Act, brought about several changes and introductions. One of these changes was the General Public Use Clarification. This clarification aimed to provide a clearer understanding of the rules and regulations regarding the use of public housing by the general public. It may have addressed issues such as eligibility criteria, application processes, and any restrictions or limitations on the use of public housing. This clarification would have helped ensure that public housing is accessible to those who truly need it and that it is being utilized appropriately.Rate this question:
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- 8.
After the signing of HERA, the following changes/amendments were made to “Tenant Income Certifications” for properties with 100% Tax Credit (and tax-exempt bond-financed properties);
- A.
Annual recertification’s were waived
- B.
OHCS then required completed certification at move in, and 1st year anniversary date
- C.
Third party verification must be obtained
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
After the signing of HERA, several changes and amendments were made to "Tenant Income Certifications" for properties with 100% Tax Credit and tax-exempt bond-financed properties. These changes include waiving annual recertification requirements, implementing a requirement for completed certification at move-in and on the 1st year anniversary date, and mandating the acquisition of third-party verification. Therefore, the correct answer is that all of the above changes and amendments were made.Rate this question:
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- 9.
Tenant Collection Data includes which of the following;
- A.
Race and ethnicity
- B.
Family composition and disability status
- C.
Monthly rents and household incomes
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above". Tenant Collection Data includes information on race and ethnicity, family composition and disability status, as well as monthly rents and household incomes. This data is collected to understand the demographics and needs of tenants, and to ensure fair housing practices and policies.Rate this question:
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- 10.
Fulltime student exception, (section 3004(e)(II)(i)(4)) has amended the list to include students previously in foster care assistance.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The fulltime student exception, as stated in section 3004(e)(II)(i)(4), has been amended to include students who were previously receiving foster care assistance. This means that these students are now eligible for the exception and can continue to receive assistance while being a fulltime student. Therefore, the statement is true.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
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Dec 17, 2013Quiz Created by
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