HCCP EXAM SCRIPT UPDATED COMPLETE
QUESTIONS AND ANSWERS GRADED
APLUS
●● General Partner
Answer: An owner (partner) who has unlimited liability and is active in
managing the firm.
●● Limited Partnership (LP)
Answer: A partnership in which one or more partners have limited
liability as long as at least one partner (the general partner) has unlimited
liability. The limited partners are passive investors that cannot take an
active role in the firm's management.
●● syndicator
Answer: Facilitate the GP and LP relationship. Syndicator combine
multiple projects into a single fund, and then offer shares in the fund to
individual investors
●● State HFAs are often called
Answer: State agencies or state allocating agencies
●● State HFA's are used by the IRS to carry out two primary functions
,Answer: The allocation of credits and compliance monitoring
●● The ceiling on the amount that can be allocated is
Answer: Adjusted for inflation each year and is based on a states
population
●● Allocation rules are spelled out in a
Answer: Qualified allocation plan (QAP)
●● Applications are scored according to the
Answer: QAP, and credits are awarded accordingly
●● A notable exception is reporting of non compliance to the IRS
Answer: Using form 8823
●● Uniform physical conditions standards (UPCS)
Answer: The states use ______ for local code for physical inspections
●● Household income for tax credit properties is determined in a
manner consistent with
Answer: Section 8 housing rules
, ●● When this document is changed by HUD. The tax credit income and
asset rules change with it
Answer: HUD handbook 4350.3
●● A tenant income certification and supporting documentation are not
sufficient unless, at minimum the following documents are included
Answer: 1. Household application/income and asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
●● Student status exemptions
Answer: 1. All adult household members are married and entitled to file
a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR
program
●● Student status must be verified at
Answer: 1. Move in
2. Recertification
QUESTIONS AND ANSWERS GRADED
APLUS
●● General Partner
Answer: An owner (partner) who has unlimited liability and is active in
managing the firm.
●● Limited Partnership (LP)
Answer: A partnership in which one or more partners have limited
liability as long as at least one partner (the general partner) has unlimited
liability. The limited partners are passive investors that cannot take an
active role in the firm's management.
●● syndicator
Answer: Facilitate the GP and LP relationship. Syndicator combine
multiple projects into a single fund, and then offer shares in the fund to
individual investors
●● State HFAs are often called
Answer: State agencies or state allocating agencies
●● State HFA's are used by the IRS to carry out two primary functions
,Answer: The allocation of credits and compliance monitoring
●● The ceiling on the amount that can be allocated is
Answer: Adjusted for inflation each year and is based on a states
population
●● Allocation rules are spelled out in a
Answer: Qualified allocation plan (QAP)
●● Applications are scored according to the
Answer: QAP, and credits are awarded accordingly
●● A notable exception is reporting of non compliance to the IRS
Answer: Using form 8823
●● Uniform physical conditions standards (UPCS)
Answer: The states use ______ for local code for physical inspections
●● Household income for tax credit properties is determined in a
manner consistent with
Answer: Section 8 housing rules
, ●● When this document is changed by HUD. The tax credit income and
asset rules change with it
Answer: HUD handbook 4350.3
●● A tenant income certification and supporting documentation are not
sufficient unless, at minimum the following documents are included
Answer: 1. Household application/income and asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
●● Student status exemptions
Answer: 1. All adult household members are married and entitled to file
a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR
program
●● Student status must be verified at
Answer: 1. Move in
2. Recertification
