POP QUIZ!!

POP QUIZ!!  Applicants often put you on the spot with unusual situations that can make your head spin, but no time crunch here. Take the following 24-question quiz to test your LIHTC knowledge and tune in next Thursday, March 24th for the answers!


1. An unmarried couple applies for an apartment and they tell you during the application process that they are expecting a baby in 5 months.  How many people are in this household?

  1. 1
  2. 2
  3. 3

2. An applicant has a checking account with a current balance of $4,000 and an average 6 month balance of $4,275.00.  The interest rate is 0.0%.  Please select the correct math to use:

  1. $4,275 x 2%
  2. $4,000 x 2%
  3. $4,275 x 0%
  4. $4,000 x 0%
  5. None of the above

3. You property has only tax credit (no other programs) and you have an LIHTC-eligible single adult applicant who can afford it and would like to rent a 3 bedroom apartment. Can he have it?

  1. Yes
  2. No

4. A single parent with one child applies to live at your property.  The household income is $26,000.  The 1 person income limit is $25,000, the 2 person limit is $30,000.  How do you document custody and that the child will live in the unit at least 50% of the time:

  1. You don’t need to
  2. School registration or court documents
  3. A self affidavit from the applicant

5. A divorced woman applies for a 2 BR apartment.  She explains to you that her 15 year old daughter stays with her every other weekend so she needs the extra bedroom.  She is willing to pay the higher rent amount.  Her only source of income is a job which pays her $25,000 per year.  The 1 person income limit is $22,250 and the 2 person income limit is $27,750.  Is this a qualified household?

  1. Yes
  2. No

6. An applicant receives gift income from her father monthly. The notarized Certification of Contribution is completed by the applicant and signed by her father. Is this acceptable?

  1. Yes
  2. No

7. Patty Patterson is a teacher. Her employer confirms she has summers off, but is paid year round.  Patty is considered a seasonal worker and should complete a Seasonal Worker Affidavit.

  1. True
  2. False

8. Mrs. Garcia owns a home that is for sale.  The taxable value of the property is $100,000. She has listed it with a realtor for $95,000. After completing her application, but prior to moving into your property, the home sells for $85,000.  Because the home sold for less than the taxable value, the $15,000 difference is considered a disposed asset.

  1. True
  2. False

9. You fax an EV to Harry’s Hot Dog Hut.  When it is sent back, the only questions answered are the hourly wage and number of hours per week. When you call to follow up with Harry regarding the fields left blank you should:

  1. Fill in the blanks on the EV with the info he provides
  2. Say, “I assume the types of compensation you left blank do not apply to this employee, correct?”
  3. Record Harry’s answers on a separate page and attach it to the EV
  4. You don’t need to call Harry

10. A household applying to live at your property consists of 2 unrelated adults. One of the applicants is a full time college student and the other person is a half time college student.  Is this household eligible?

  1. Yes as long as income is under the limit
  2. No due to a student status violation

11. Caroline Clark applies for an apartment.  The only other household member listed is her 3-year old son, Fred Foster.  You notice on the application that her current landlord is also named Fred Foster and that she pays no rent.  You should:

  1. Ask more questions about her current living situation
  2. Ignore it; rental history has nothing to do with income or assets

12. When an adult reports being a student, how do you determine full vs. part time student?

  1. Allow self certification
  2. Use info on tax return
  3. Verify with the school

13. Ken Carpenter is a retired widower whose only income is Social Security.  When you get his award letter, you see that it lists three different monthly amounts.  It shows his gross award is $1,230.70 and he should receive $1,230 per month.  However, then goes on to explain that due to an overpayment, he will only receive $900 for the next 12 months.  Which is the correct calculation:

  1. 1,230 x 12
  2. 900 x 12
  3. 1,230.70 x 12
  4. None of the above

14. A household applying to live at your property consists of 3 adults (a husband/wife and an unrelated friend).  The completed tenant file should include how many Asset Addendum Forms?

  1. 1
  2. 2
  3. 3
  4. 0

15. You go on a lunch break.  When you come back to the office you see that someone has dropped off an application form.  Some of the questions were not answered.  So, you write NONE next to all the stuff they left blank.  This is the correct thing to do.

  1. True
  2. False

16. An applicant tells you not to bother sending an EV to his employer because the company he works for has a policy that they will not complete such verifications.  He does give you his last 8 consecutive pay stubs.  Do you need to attempt to get an EV as well?

  1. Yes
  2. No

17. A divorced man applies to live at your property.  He has a job which pays him $25,000 per year.  The one person income limit is $22,250.  According to his divorce arrangement, he must pay his ex-wife $1,000 per month for child support.  Is this a qualified household?

  1. Yes
  2. No

18. Jose Rivera is employed at Home Improvement Warehouse.  The EV for this job lists his wages as $8.00 per hour, 40 hours per week, with no additional pay from overtime, bonus, raise, etc.  He gets paid biweekly.  How would you calculate income from this job?

  1. $8 x 40 x 52
  2. $8 x 20 x 26
  3. $8 x 40 x 26
  4. $8 x 80 x 24

19. You get an EV for a job which lists $10 per hour, 25 hours per week, and no additional pay from overtime, commissions, bonus, etc.  A $1.00 per hour raise is scheduled for six months after move-in.  The individual is paid weekly.  Please select the correct math to use:

  1. $10 x 25 x 52
  2. $10 x 25 x 52 and $11 x 25 x 26
  3. $10 x 25 x 26 and $11 x 25 x 26
  4. $11 x 25 x 52
  5. None of the above

20. Brad and his girlfriend, Janet, are applying to live at your property.  Janet has a job and her income brings the household to $800 below the income limit.  The applications show that Bob was working less than a month before they filled out the applications but now claims to have no anticipated income.  You should ask: 

  1. Nothing.
  2. Why doesn’t he anticipate any income in the next 12 months?

21. The Jackson household fills out an application and Asset Addendum saying they have no assets.  Because Mr. Jackson’s employer refused to complete an EV, you collect his pay stubs.  The pay stubs show direct deposit into a checking account. You should not rent to this household.

  1. True
  2. False

22. A married couple from New York wants to retire, sell their home, and move to Florida and live in one of your apartments.  After getting the application and verifying all of their income and assets, you inform them that they are over the income limit by $200.  They decide to sign the deed on their home over to a relative and ask you to remove the home as it is no longer an asset they own.  Since they are doing this before the move in date, there is no effect.

  1. True
  2. False

23. In August, you get an application for Mary, a 23 year old with no rental history who just started her first job in June. She is income eligible, can afford the rent, and says she is not currently and will not be a student. You should ask Mary:

  1. Do you like your new job?
  2. How will you be paying rent?
  3. When were you last a full time student?
  4. None of the above.

24. An applicant has a new part time job, 18 hours per week, at Don’s Donuts.  His application shows he was previously working part time, 25 hours per week, at Cindy’s Coffee Shop. You should:

  1. Verify employment with Don’s
  2. Verify termination of employment with Cindy’s
  3. Both of the above
  4. None of the above

Stay Tuned… Answers will be posted next Thursday.



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