Quiz | Utility Allowances | Part 1
Sep 27, 2023
States LIHTC agencies report increased utility allowance calculation issues. As misunderstanding UA rules can create severe rent noncompliance, it is crucial to understand how UAs work.
This month will cover questions 1 - 5 and next month will address questions 6 - 10.
1. An owner who implements a UA in January of one year and the next in November of the following year is in compliance with the LIHTC UA regulation.
True or False
2. Multiple UA calculation methods cannot be used for different utilities and once set, they cannot be changed from one year to the next, once set at lease-up.
True or False
3. During a lease-up, a new UA does not need to be calculated until the property has been ______% occupied for ______ days.
A. 60 and 90
B. 90 and 60
C. 90 and 90
D. 100 and 100
4. The LIHTC UA regulation was last revised in the year __________.
A. 1990
B. 2008
C. 2016
D. 2019
5. Once most types of UAs are calculated (such as HUSMS and engineer models), an owner/agent must give at least 30 days notice of the change to the tenants and the state LIHTC agency, or other notice per state or local law if longer than 30 days.
True or False
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