Which HUD guidance must be followed for income and asset calculation according to LIHTC regulations?

The correct choice regarding the HUD guidance that must be followed for income and asset calculation according to the Low-Income Housing Tax Credit (LIHTC) regulations is HUD Handbook 4350.3 REV-1. This handbook provides detailed instructions and guidelines for determining the annual income of families residing in properties with LIHTC financing. It includes the methodology for calculating income, various asset considerations, and specific exclusions that must be accounted for, which are essential for compliance with LIHTC requirements.

This handbook serves as a critical resource for ensuring that housing administrators maintain compliance with federal regulations while assessing the eligibility of tenants based on their income and assets. Understanding the contents of this handbook is crucial for anyone involved in administering the LIHTC program or for residents applying for housing assistance under this program. Other HUD handbooks mentioned do not focus specifically on the intricacies required for LIHTC income calculations, making them unsuitable for this particular context.