Everything you need to know when calculating income eligibility under the Low Income Housing Tax Credit Program including a detailed explanation of how to approach, verify and calculate each income & asset type.
One of the most frustration and overlooked areas in compliance training is income and assets. For some reason, our industry assumes everyone has experience with this as it is very similar to HUD’s Section 8 Program. But the reality is, today, most of us have limited or no Section 8 experience and if we do have experience, the differences between Section 8 and Tax Credits are enough to cause even a Section 8 veteran to be in noncompliance.
This 4-hour course details…
- What sources you must include and whether you treat each as an income or an asset.
- The differences in income/asset treatment on Tax Credit vs. Section 8 properties.
- How to verify these sources and create a clean paper trail from the application to the TIC.
- The steps in correctly calculating and documenting each source and how to arrive at the household’s final income figure.
The most comprehensive course on income & assets offered anywhere in the industry.
- Is chock full of real life examples and thoroughly illustrates how to complete page 1 of the Tenant Income Certification (TIC).
- Addresses difficult sources including tips, seasonal employment, child support, retirement accounts and trusts.
- Provides realistic verification tips including how to work with state-specific requirements.
- Discusses how to document your calculations and clarifications in a way that will make your audits go faster and smoother.
No matter how long you have been in the business, this course is a must if you are responsible for…
- Calculating income eligibility,
- Auditing files,
- Approving new move-ins or recertifications, AND/OR
- Supervising those that do.