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? 120 days • True/False: Rural Development 515/8 properties follow the Rural Development model lease instead of the HUD model lease. False, The HUD model lease in Appendix 4-A of the 4350.3 Chg 2 must be used at Rural Housing Services (RHS) Section 515 projects that have Section 8 assistance. Exhibit 6-2 contains the lease provisions required by RHS. Owners will be responsible for ensuring that any RHS required provisions not already included in the HUD model lease are added to the lease as an addendum. T
