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Exam (elaborations)

HCCP Chapter 1 Test Prep Questions – HCCP – 2026 – Complete Exam Questions with Answers and Illustrations

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This document contains HCCP Chapter 1 test preparation questions with complete answers covering the fundamentals of the LIHTC program. Topics include tax credit allocation, key program participants, compliance periods, Form 8609, BINs, minimum set-aside elections, extended use periods, and practice calculation questions. It is designed as an exam study guide with concise question-and-answer formatting and includes worked examples to reinforce key concepts. Keywords LIHTC Low Income Housing Tax Credit Housing Compliance IRS Regulations State Agency Form 8609 Building Identification Number BIN Extended Use Period Federal Compliance Period Tax Credit Period Minimum Set Aside Income Averaging Qualified Households HCCP Exam Affordable Housing Compliance Training Practice Questions

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HCCP Test Prep Questions
Chapter 1 2026 Exam All
Answers and Illustrations
Given



What does LIHTC stand for? - ANSWER ✔✔Low income housing tax

credit

How are tax credits allocated? - ANSWER ✔✔1. Per person amount

based on census data. Or minimum amt whichever is higher


Who are the 6 key Players? - ANSWER ✔✔Congress, IRS, state

agency, owner, investor, management (COSMII)

, Who created the tax credit program? And when? - ANSWER

✔✔Congress 1986


When did the program become permanent? - ANSWER ✔✔1993


What is the minimum # of years for the LIHTC Program? - ANSWER

✔✔30 Years


Who regulates the LIHTC Program? - ANSWER ✔✔IRS


Who monitors the program? - ANSWER ✔✔State Agency


Who allocates the tax credits? - ANSWER ✔✔State Agency


Who owns 99.9% of the project? - ANSWER ✔✔Investor


Who owns the least at .01%? - ANSWER ✔✔Owner/Developer


How many years is the federal compliance period? - ANSWER ✔✔15

Years

What does EUP stand far and How long is the standard EUP? -

ANSWER ✔✔Extended Use Period (15 year period)


How long is the federal tax credit period? - ANSWER ✔✔10 Years


What form provides key information in how the project will be monitored?

- ANSWER ✔✔8609
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