HCCP FINAL EXAM 2026 BANK
CURRENTLY TESTING COMPLETE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS /EXPERT VERIFIED /ALREADY
GRADED A+
When does the federal credit period begin -
....ANSWER...Either the taxable year the first building is
placed in service or the next taxable year if the owners
choose to defer credits
What is the Lura/state extended use agreement -
....ANSWER...Agreement between the housing finance
agency and the owner where state imposed requirements are
found
What does the extended use agreement do -
....ANSWER...Extends the affordability period for at least
15 more years
,What is the good cause and rent protection -
....ANSWER...Protects tenants for 3 years after
termination of an extended use agreement —can't be
evicted other than good cause and rent cannot be increased
above max
When are credits claimed vs earned -
....ANSWER...Credits can be claimed at 10 years and
earned at 15
What are the owners goals of the first year of credit period
- ....ANSWER...Meet projects minimum set aside and meet
each buildings applicable fraction
What are the five credit conditions - ....ANSWER...In
service for a full month, occupied by last day of month,
suitable and habitable, household qualified and rent is
under max
Fair Housing - How many Protected Classes -
....ANSWER...7 Federal Protected Classes
, What are the Federally Protected Classes -
....ANSWER...Race, Color, Religion, Sex, National Orgin,
Disability and Familial Status
Private Letter Ruling - ....ANSWER...Ruling made
directly with the owner but cannot be changed
Private Letter Ruling - ....ANSWER...Cannot be cited as
precedent
HERA - ....ANSWER...Housing andEconomic Recovery
Acts
What year does HERA start - ....ANSWER...2008
When did LIHTC Start - ....ANSWER...1986 - 10/22/1986
To Retain credits, a development must: - ....ANSWER...1.
Rent to Qualified Households
2. Keep Rents Affordable
3. Keep property Decent, Safe and Sanitary
CURRENTLY TESTING COMPLETE EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS /EXPERT VERIFIED /ALREADY
GRADED A+
When does the federal credit period begin -
....ANSWER...Either the taxable year the first building is
placed in service or the next taxable year if the owners
choose to defer credits
What is the Lura/state extended use agreement -
....ANSWER...Agreement between the housing finance
agency and the owner where state imposed requirements are
found
What does the extended use agreement do -
....ANSWER...Extends the affordability period for at least
15 more years
,What is the good cause and rent protection -
....ANSWER...Protects tenants for 3 years after
termination of an extended use agreement —can't be
evicted other than good cause and rent cannot be increased
above max
When are credits claimed vs earned -
....ANSWER...Credits can be claimed at 10 years and
earned at 15
What are the owners goals of the first year of credit period
- ....ANSWER...Meet projects minimum set aside and meet
each buildings applicable fraction
What are the five credit conditions - ....ANSWER...In
service for a full month, occupied by last day of month,
suitable and habitable, household qualified and rent is
under max
Fair Housing - How many Protected Classes -
....ANSWER...7 Federal Protected Classes
, What are the Federally Protected Classes -
....ANSWER...Race, Color, Religion, Sex, National Orgin,
Disability and Familial Status
Private Letter Ruling - ....ANSWER...Ruling made
directly with the owner but cannot be changed
Private Letter Ruling - ....ANSWER...Cannot be cited as
precedent
HERA - ....ANSWER...Housing andEconomic Recovery
Acts
What year does HERA start - ....ANSWER...2008
When did LIHTC Start - ....ANSWER...1986 - 10/22/1986
To Retain credits, a development must: - ....ANSWER...1.
Rent to Qualified Households
2. Keep Rents Affordable
3. Keep property Decent, Safe and Sanitary
