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Quiz | HOTMA 2024

assets hotma income calculations quiz verifications Jan 31, 2024

 As we move into the HOTMA era, we are focussing in this quiz on issues that are likely to have the biggest impact on the operation of affordable housing.

1. Which HOTMA provisions do NOT apply to LIHTC/HOME/NHTF properties?

A. Excluding IRS-recognized retirement accounts as assets.

B. The $50,000, as adjusted, threshold on imputed asset income. 

C. Asset limits for households with more than $100,000 in assets, as adjusted, and real property suitable for occupancy.

D. ABLE Accounts excluded as assets.

2. Per HUD HOTMA guidance regarding verifications, which of the following are true:

A. Checking as valued using the current balance and with one statement.

B. Child support and alimony court-ordered amounts must be counted, even if not received.

C. Fixed income sources must be verified with benefit letters that must be no older than 120 days old at the time of receipt.  

D. Excluded income and assets must be verified.

3. A family has access to a trust account. They are taking $500 monthly distributions from the trust. $250 is from the principal of the trust and $250 is from income. The $250 is income to the family.

True   False 

4. Which of the following were NOT changed by HOTMA?

A. The assets disposed-of rules.

B. Imputed asset income rules.

C. Exclusion of retirement accounts

D. Student financial assistance rules.

5. A live-in aide's income is now counted, as is the income of foster children and adults. 

True   False 

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