Quiz | LIHTC Casualty Loss
Jan 29, 2025
- What is a casualty loss in the context of the LIHTC program?
A. A decrease in tax credits due to changes in tenant income.
B. Damage to a property caused by a sudden, unexpected event.
C. A loss of tenants due to relocation.
D. A decrease in property value caused by market fluctuations. -
What is the immediate responsibility of the property owner when a casualty loss occurs in an LIHTC property?
A. Ensure that all repairs are completed within 30 days.
B. To inform the state housing agency promptly.
C. To reallocate tax credits to other properties.
D. To evict affected tenants until repairs are complete. -
How long, maximum, does an LIHTC property owner have to restore a building after a hurricane-related casualty loss?
A. 30 days.
B. 6 months.
C. 25 months.
D. There is no specific time limit. -
What could happen if the property is not restored to compliance within the allowed timeframe after a casualty loss?
A. The property owner could face eviction proceedings from tenants.
B. The property may lose its tax credits for the damaged units.
C. The tenants are required to cover the cost of repairs.
D. The IRS will automatically issue new tax credits for the property.
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