Insider's Pop Quiz!
Question: A resident of your tax credit site has requested a transfer to a larger unit in his building because his wife recently gave birth to twins. You must verify that his household income remains below 140 percent of the applicable income limit before approving the transfer. True or false?
Answer: False. Because the resident has requested a transfer within the same building, you may approve his transfer regardless of what has happened to his household income since he originally qualified for the LIHTC program.
For more information about unit transfers, see "Three Things You Need to Know About Unit Transfers," from our July 2010 issue, and available in our online archive.