HCCP (2025) MOST RECENT COMPREHENSIVE
QUESTIONS AND ANSWERS |COMPLETE
SOLUTIONS |A+ GRADED |100% CORRECT!!
Units that support tax credits meet the following requirements - ANSWER✔✔-I-
income limits
R- rent limits
S- safe and sanitary
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
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, 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
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QUESTIONS AND ANSWERS |COMPLETE
SOLUTIONS |A+ GRADED |100% CORRECT!!
Units that support tax credits meet the following requirements - ANSWER✔✔-I-
income limits
R- rent limits
S- safe and sanitary
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
OLIVIA GREENWAYS© 2025, ALL RIGHTS RESRVED 1
, 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
OLIVIA GREENWAYS© 2025, ALL RIGHTS RESRVED 2
