Property Management
An Oklahoma property manager overseeing a Section 42 Low-Income Housing Tax Credit (LIHTC) property must ensure:
AOnly that rents are low enough to attract tenants
BCompliance with income and rent restrictions, annual certification of tenant eligibility, required reporting to the allocating agency, and maintenance of affordability covenants✓ Correct
CNo special compliance beyond standard rental management
DOnly that the physical condition meets HUD standards
Explanation
LIHTC (Section 42) properties have strict compliance requirements: tenant income must not exceed limits by unit type, rents cannot exceed maximum amounts, annual recertification of tenant eligibility, reporting to Oklahoma Housing Finance Agency, and maintaining affordable units for the compliance period.
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