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HCCP CORE MAIN QUESTIONS AND ANSWERS SET A.pdf

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HCCP CORE MAIN QUESTIONS AND ANSWERS
SET A+
What could happen with a decrease in qualified basis -✔✔Recapture of credits claimed

Equation for qualified basis -✔✔Eligible basis multiplied by the applicable fraction

What is the qualified basis -✔✔The portion of the elegible basis that is qualified for tax
credits

What is the eligible basis -✔✔The development and construction costs that are eligible
for tax credits

What is the applicable fraction -✔✔The lesser of the unit fraction or floor space fraction

What is the calculation for annual credit among -✔✔Eligible basis x applicable
fraction=qualified basis x credit percentage

What are the credit percentages -✔✔4 or 9%

What is the only one considered a federal subsidy -✔✔Bonds

What credit percentage is used for anything that isn't bonds -✔✔9%

How long is the federal credit period -✔✔10 years

How long is the federal compliance period -✔✔15 years

How long is the state extended use period -✔✔30 years

What is the PIS (placed in service) dates -✔✔The date the first unit in a building is
certified as available for occupancy

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