HOTMA Quiz
HOTMA Quiz
True or False. A non-interim transaction is processed instead of an interim reexamination, if there is no change/decrease in adjusted income as a result of a decrease in family size.
A gaming system is to necessary personal property as _________ is to non-necessary personal property.
Which items below are not subject to the Consumer Price Index for Urban Wage Earners and Clerical Workers ?
There are how many levels on the Verification Hierarchy table?
True or False. The first $50,000 of real property is excluded from net family assets.
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Correct
HUD is requiring an interim certification to be processed if a decrease in family size results in any change of the adjusted income (0% threshold). For households that have a decrease in family size but no change in adjusted income, a non-interim transaction is required instead of an interim recertification. This is referenced in the HUD notice 2023-10, paragraph 1.1 on page 85.
Incorrect
HUD is requiring an interim certification to be processed if a decrease in family size results in any change of the adjusted income (0% threshold). For households that have a decrease in family size but no change in adjusted income, a non-interim transaction is required instead of an interim recertification. This is referenced in the HUD notice 2023-10, paragraph 1.1 on page 85.
Incorrect
Examples of necessary and non-necessary personal property is stated on page 48 of the HUD Notice 2023-10. Artwork is listed as non-necessary personal property.
Incorrect
Examples of necessary and non-necessary personal property is stated on page 48 of the HUD Notice 2023-10. Artwork is listed as non-necessary personal property.
Incorrect
Examples of necessary and non-necessary personal property is stated on page 48 of the HUD Notice 2023-10. Artwork is listed as non-necessary personal property.
Correct
Examples of necessary and non-necessary personal property is stated on page 48 of the HUD Notice 2023-10. Artwork is listed as non-necessary personal property.
Incorrect
In the HUD Notice 2023-10, in Attachment H and specifically table H1, HUD lists the eight inflation-adjusted items which includes: Eligibility restriction on net family assets, Threshold above which imputed returns must be calculated on net family assets, Threshold above which the total value of non-necessary personal property is included in net family assets, The amount of net assets for which the PHA/MFH Owner may accept self-certification by the family, Mandatory deduction for elderly and disabled families, Mandatory deduction for a dependent, Income exclusion for earned income of dependent full-time students, & Income exclusion for adoption assistance payments.
Correct
In the HUD Notice 2023-10, in Attachment H and specifically table H1, HUD lists the eight inflation-adjusted items which includes: Eligibility restriction on net family assets, Threshold above which imputed returns must be calculated on net family assets, Threshold above which the total value of non-necessary personal property is included in net family assets, The amount of net assets for which the PHA/MFH Owner may accept self-certification by the family, Mandatory deduction for elderly and disabled families, Mandatory deduction for a dependent, Income exclusion for earned income of dependent full-time students, & Income exclusion for adoption assistance payments.
Incorrect
In the HUD Notice 2023-10, in Attachment H and specifically table H1, HUD lists the eight inflation-adjusted items which includes: Eligibility restriction on net family assets, Threshold above which imputed returns must be calculated on net family assets, Threshold above which the total value of non-necessary personal property is included in net family assets, The amount of net assets for which the PHA/MFH Owner may accept self-certification by the family, Mandatory deduction for elderly and disabled families, Mandatory deduction for a dependent, Income exclusion for earned income of dependent full-time students, & Income exclusion for adoption assistance payments.
Incorrect
In the HUD Notice 2023-10, in Attachment H and specifically table H1, HUD lists the eight inflation-adjusted items which includes: Eligibility restriction on net family assets, Threshold above which imputed returns must be calculated on net family assets, Threshold above which the total value of non-necessary personal property is included in net family assets, The amount of net assets for which the PHA/MFH Owner may accept self-certification by the family, Mandatory deduction for elderly and disabled families, Mandatory deduction for a dependent, Income exclusion for earned income of dependent full-time students, & Income exclusion for adoption assistance payments.
Incorrect
In the HUD 2023-10, in Attachment J page106, Table J2 lists the six levels of verification. This includes (in order of highest ranking to lowest) Level 6- Upfront Income Verification (UIV), using HUD’s Enterprise Income Verification (EIV) system, Level 5- Upfront Income Verification (UIV) using non-EIV system (e.g., The Work Number, web-based state benefits systems, etc.), Level 4- Written, third-party verification from the source, also known as “tenant-provided verification” OR EIV + Self-Certification, Level 3- Written, Third-Party Verification Form, Level 2- Oral Third-Party Verification, and Level 1- Self-Certification (not third-party verification).
Incorrect
In the HUD 2023-10, in Attachment J page106, Table J2 lists the six levels of verification. This includes (in order of highest ranking to lowest) Level 6- Upfront Income Verification (UIV), using HUD’s Enterprise Income Verification (EIV) system, Level 5- Upfront Income Verification (UIV) using non-EIV system (e.g., The Work Number, web-based state benefits systems, etc.), Level 4- Written, third-party verification from the source, also known as “tenant-provided verification” OR EIV + Self-Certification, Level 3- Written, Third-Party Verification Form, Level 2- Oral Third-Party Verification, and Level 1- Self-Certification (not third-party verification).
Correct
In the HUD 2023-10, in Attachment J page106, Table J2 lists the six levels of verification. This includes (in order of highest ranking to lowest) Level 6- Upfront Income Verification (UIV), using HUD’s Enterprise Income Verification (EIV) system, Level 5- Upfront Income Verification (UIV) using non-EIV system (e.g., The Work Number, web-based state benefits systems, etc.), Level 4- Written, third-party verification from the source, also known as “tenant-provided verification” OR EIV + Self-Certification, Level 3- Written, Third-Party Verification Form, Level 2- Oral Third-Party Verification, and Level 1- Self-Certification (not third-party verification).
Incorrect
In the HUD 2023-10, in Attachment J page106, Table J2 lists the six levels of verification. This includes (in order of highest ranking to lowest) Level 6- Upfront Income Verification (UIV), using HUD’s Enterprise Income Verification (EIV) system, Level 5- Upfront Income Verification (UIV) using non-EIV system (e.g., The Work Number, web-based state benefits systems, etc.), Level 4- Written, third-party verification from the source, also known as “tenant-provided verification” OR EIV + Self-Certification, Level 3- Written, Third-Party Verification Form, Level 2- Oral Third-Party Verification, and Level 1- Self-Certification (not third-party verification).
Incorrect
Real property is not excluded from net family assets. There is an exclusion in regards to non-necessary personal property. On page 54 in the HUD notice 2023-10, it states, “When the combined value of all non-necessary personal property does not exceed $50,000, as adjusted by inflation, all non-necessary personal property is excluded from net family assets.”
Correct
Real property is not excluded from net family assets. There is an exclusion in regards to non-necessary personal property. On page 54 in the HUD notice 2023-10, it states, “When the combined value of all non-necessary personal property does not exceed $50,000, as adjusted by inflation, all non-necessary personal property is excluded from net family assets.”
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