Quiz | Income Limits 2024
Mar 27, 2024
Preparing for the impending release of income limits, this month's quiz tests on income limit concepts as they apply to various housing programs.
1. Once a tax credit property is placed in service, it will use lower income and gross rent limits, 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. When HUD releases the HUD and MTSP income limits, these do not apply to HOME units.
True or False
4. A project placed in service in the year 2006 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 are eligible for the Rural National Non-metropolitan limit?
A) HUD
True or False
5. What type of financing at a tax credit property are eligible for the Rural National Non-metropolitan limit?
A) HUD
B) Rural Development
C) HOME
D) Tax-exempt bonds
6. Which of the following program income limits are held harmless by property
A) HUD-Multifamily Housing
6. Which of the following program income limits are held harmless by property
A) HUD-Multifamily Housing
B) LIHTC
C) Rural Development
D) HOME
E) Tax-exempt Bonds
F) NHTF
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