Costello's blog dedicated to sharing knowledge that supports the housing industry's vital mission.

Quiz | Income Limits

home hud income limits lihtc quiz rural development tax-exempt bonds Nov 24, 2021
1. Once a tax credit property is placed in service, it will not use lower income and gross rent limits, even if limits go down in the property's area. 
     True or False
2. MTSP income limits are used for which programs
     A) HUD Multifamily
     B) Tax credit and tax-exempt bonds
     C) Rural Development 515 and Farm Labor
     D) HOME and National Housing Trust Fund
3. Once HUD releases the HUD and MTSP income limits, these must be implemented for HOME units.
     True or False
4. A project placed in service in the year 2009 is eligible for the HERA Special tax credit limits, if these limits are listed as an option for the property's county.
     True or False
5. What type of financing at a tax credit property makes it ineligible for the Rural National Non-metropolitan limit?
     A) HUD     
     B) Rural Development
     C) HOME
     D) Tax-exempt bonds
6. Which government agency defines "rural" areas potentially eligible for the rural National Non-metropolitan limits?
     A) HUD-MF
     B) IRS
     C) USDA
     D) HUD-CPD
Click for Answers

  Looking for quality affordable housing occupancy training? Check out our Succeed at Qualifying Households series of courses. There are options for all major Affordable Housing programs. You can read more HERE. 

There is a very good chance that the topic of this post is covered in an online on-demand course at Costello University.


Stay connected with news and updates!

Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.

We hate SPAM. We will never sell your information, for any reason.