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
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