In the HOME program, tenant recertifications should be done when?
Annual recertifications must be effective on or before (but not more than 30 days before) the occupancy anniversary date. • In the HOME program, what are floating units? The HOME designated units may change within the development, as long as the total number of units are income qualified as stated in the HOME covenants. • Can the Under $5,000 Asset Verification Form be used for HOME program? No, only the HTC program. • What is the minimum initial term of the lease that is required for the HTC program? • 6 months • 12 months • 60 days • 90 days • For the HTC program, how long are you required to keep the initial tenant files? 21 years, thereafter 6 years after the return is filed claiming credits. • True/False: In the HTC program the transfer of a household from one building to another is treated as a new move-in. False, if the household is under 140% of AMI, the household can transfer without recertification. • For Tax Credit purposes, how long are third party verifications good for? 1
