Comprehensive Tax Credit Training for Leading Industry Credential

IMPORTANT: Learners who complete this course will be prepared to challenge leading industry credential Exams

Section 42 Guide

This course provides participants with a detailed study of the Section 42 guide. We discuss the requirements regarding annual income and the process for calculating a family’s annual income when determining eligibility. This includes an expansive discussion of earned income and unearned income, including determining income from assets.

Income Eligibility and Calculating Tenant Rent

The course also covers the methods for calculating the tenant’s rent. In addition, this course covers the requirements for verifying information necessary to determine income eligibility and rent.Throughout the course, participants are provided with opportunities to practice these skills.

Specific Income and Asset Topics Include:

  • Required Records
  • Program Regulations
  • Unit Eligibility and Certification
  • Recertification

Introduction to the Basics
Origin, Goals, Rules
The Players
The Placed in Service Date
Important Time Frames
Calculating Credits
Overlaying Other Programs
Topic Test
Unit Eligibility
Utility Allowances
Fees and Services
Maximum Allowable LIHC Gross Rents
Gross Rent Floors
General Public Use Rule
Non-Transient Occupancy
Units: Model, Staff and Security Units
Vacant Unit Rule
Next Available Unit Rule
Resident Relocation
Topic Test
Household Eligibility
Student Households
Income Eligibility at Move-in
Changes in Family Composition
Calculating Gross Annual Income
Verification of Income Eligibility
Tenant Income Certification
Recertification of Annual Income and Student Status
Topic Test
Important Documents, Record Keeping, and Record Retention
Controlling Documents
Required Records
Retention and Storage of Records
Topic Test
Monitoring and Reporting Compliance
Monitoring and Annual Certification Required of Owner
State Agency-Required Monitoring and Noncompliance Reporting
How Investors and Syndicators Monitor Reporting
Internal Monitoring and Safeguards
Topic Test
Annual Subscription