Documentos de Académico
Documentos de Profesional
Documentos de Cultura
J. Utility allowances
K. Tenant transfers
B. Purpose and issuance of IRS Low Income Housing Tax Credit forms
F. Placed-in-service dates, the initial credit period, and the project compliance
period
J. Acquisition/rehabilitation properties
O. LIHTC rent requirements (including utility allowances and gross rent floor)
Q. The "140% rule", the next available unit rule, and the unit vacancy rule
U. Compliance documentation for the state monitoring agency and due diligence
submission
Section 42, HUD Handbook 4350.3, IRS rulings and technical bulletins, and Treasury
Regulations)
B. Interaction between LIHTC and other federal laws and regulations (Fair Housing
Laws, Americans with Disabilities Act, and Housing Quality Standards, Uniform
Physical Standards)
22) What topics should I review to help me prepare for the HCCP Exam?
Definitions
1. Tax Credit/Housing Credit
3. Eligible Basis
4. Applicable Fraction
5. Qualified Basis
7. Federal Subsidy
9. Credit Period
Form 8609
Form 8610
Form 8611
Form 8693
Form 8823
Maximum rents are based on tenants at maximum income paying no more than 30% of their
income for housing. Maximum rents for unit type are set by the expected occupancy, regardless
of the number of people who actually live in the unit. The following table illustrates:
Maximum Rent
Unit Type Expected Occupancy Maximum Income (Income/12)*.3
Studio 1.0 person $21,252 $531
One-Bedroom 1.5 persons $22,770 $569
Two-Bedroom 3.0 persons $27,354 $683
Three-Bedroom 4.5 persons $31,574 $789
Four-Bedroom 6.0 persons $35,218 $880
It is important to note that adjusting the maximum incomes to expected occupancy totals
requires additional calculation. To determine the maximum income for a one-bedroom unit with
an expected occupancy of 1.5 persons (as in the chart above), one can either multiply the
unadjusted four-person rate by 75% (*0.75) or add the one-person and two-person incomes and
then divide by two to get the average. Likewise, to calculate the 4.5 person limit, one can either
multiply the four-person limit by 104% (*1.04) or take the average of the four- and five-person
totals.
A household may live in an LIHTC unit if the household income is no greater than the maximum
allowed for that size household. If a two-person household making the maximum for Columbus
($24,288) wished to live in a three-bedroom unit set at the maximum allowable rent ($789), it is
allowable under program guidelines. Ultimately, it would be up to the property's management to
determine whether they wish to accept a household paying 39.0% of their income for rent.
However, given the program's guidelines, all households making less than the maximum for
their household size will pay greater than 30% of their income for rent if rent is set at the
maximum allowable. We surveyed several communities in the Midwest in 1993 to determine the
percentage of rent paid by LIHTC renters. In our sample survey, 10.9% of all renters were
paying over 50% of income toward rent, and 40.3% were paying over 40% of income toward
rent. We have heard of other surveys that have found up to 25% of all LIHTC renters paying
over 50% of income toward rent.
Utility Allowance
Lease Terms
Students
Calculating a Raise
Calculating Overtime
Welfare Assistance
Military pay
Retirement Funds
Divestiture of an Asset
Recertification Waiver
Unit Transfers
HOME Funds
Acquisition/Rehab
File Reviews
Unit Inspections
Reporting Non-Compliance
Correcting Non-Compliance
Other
Sections 2 & 3 – HUD 4350.3 Handbook
A list of questions:
1. Where can I get the required training and do you provide this kind of training?
2. If Rents are based on bedroom size, how come that we are considering the
household size? (i.e pregnant woman etc.)