HCCP PAPER EXAMS SET QUESTIONS AND
ANSWERS SET A+
How does local pha office obtain their UAs -✔✔HUD allows PHAs to use consumption
based and engineering based
What is the HUSM -✔✔HUD Utility schedule model
How often does UA allowance documentation have to be updated -✔✔Annually
When do lease up owners of new buildings required to review/change UAs -✔✔Once
90% occupancy is achieved, 90 days or the end of the first year of the credit period
When do changes to UA allowances need to be made available to residents -✔✔At the
beginning of the 90 day period
What is not advertising vacant units a violation of -✔✔The general public use provision
What do residential units need to have in them -✔✔Living space, cooking space,
bathing space
Who defines the definition of a full time student -✔✔The educational organization
How does the irs define a full time student -✔✔As one who attends school for five
months or more of the calendar year
What are the five student exceptions -✔✔Single parent household, married and eligible
to file a joint tax return, TANF (not food stamps) , job training program (JTPA) or foster
care
Another term for employment -✔✔Earned income
, What military pay is excluded -✔✔Hostile fire pay
Definition of imputed income -✔✔Calculated based on the total cash value of all assets
combined by the HUD passbook rate
What is the HUD passbook rate -✔✔O.06%
When is an asset that is disposed of for less than fair market value considered an asset
-✔✔When the gross amount received if more than $1000
When do you exclude a sale (assett) -✔✔When it's due to forecloser, bankruptcy,
divorce or separation settlements
What are the two set asides for elderly communities -✔✔100% of community must be
62 or older; 80% units must have at least one member who is 55 or older
How long do first year records need to be kept? -✔✔6 years after the last year of
compliance period for the building (21 years)
What is the responsibility of the state agency? -✔✔Monitor file compliance and conduct
unit inspections
Whose responsibility is it to be in compliance with section 42 -✔✔The owner
When do 8823 forms need to be submitted to the irs -✔✔Within 45 days
What is a QAP -✔✔Qualified Allocation Plan; plan developed by the state for allocating
credits based on HFA priority
Who has the power to deny and recapture credits and asset penalties or fees? -✔✔IRS
What is excluded as eligibility for tax credits -✔✔Land, syndication, organization, and
permanent financing costs
What is the calculation for unit fraction -✔✔Total tax credit units divided by total units
What is the calculation for floor space fraction -✔✔Total square footage of tax credit
units divided by square footage of total units
When does the applicable fraction have to be correct for tax credits to qualify -✔✔Last
day of the first year of the compliance period
What could happen with a decrease in qualified basis -✔✔Recapture of credits claimed
ANSWERS SET A+
How does local pha office obtain their UAs -✔✔HUD allows PHAs to use consumption
based and engineering based
What is the HUSM -✔✔HUD Utility schedule model
How often does UA allowance documentation have to be updated -✔✔Annually
When do lease up owners of new buildings required to review/change UAs -✔✔Once
90% occupancy is achieved, 90 days or the end of the first year of the credit period
When do changes to UA allowances need to be made available to residents -✔✔At the
beginning of the 90 day period
What is not advertising vacant units a violation of -✔✔The general public use provision
What do residential units need to have in them -✔✔Living space, cooking space,
bathing space
Who defines the definition of a full time student -✔✔The educational organization
How does the irs define a full time student -✔✔As one who attends school for five
months or more of the calendar year
What are the five student exceptions -✔✔Single parent household, married and eligible
to file a joint tax return, TANF (not food stamps) , job training program (JTPA) or foster
care
Another term for employment -✔✔Earned income
, What military pay is excluded -✔✔Hostile fire pay
Definition of imputed income -✔✔Calculated based on the total cash value of all assets
combined by the HUD passbook rate
What is the HUD passbook rate -✔✔O.06%
When is an asset that is disposed of for less than fair market value considered an asset
-✔✔When the gross amount received if more than $1000
When do you exclude a sale (assett) -✔✔When it's due to forecloser, bankruptcy,
divorce or separation settlements
What are the two set asides for elderly communities -✔✔100% of community must be
62 or older; 80% units must have at least one member who is 55 or older
How long do first year records need to be kept? -✔✔6 years after the last year of
compliance period for the building (21 years)
What is the responsibility of the state agency? -✔✔Monitor file compliance and conduct
unit inspections
Whose responsibility is it to be in compliance with section 42 -✔✔The owner
When do 8823 forms need to be submitted to the irs -✔✔Within 45 days
What is a QAP -✔✔Qualified Allocation Plan; plan developed by the state for allocating
credits based on HFA priority
Who has the power to deny and recapture credits and asset penalties or fees? -✔✔IRS
What is excluded as eligibility for tax credits -✔✔Land, syndication, organization, and
permanent financing costs
What is the calculation for unit fraction -✔✔Total tax credit units divided by total units
What is the calculation for floor space fraction -✔✔Total square footage of tax credit
units divided by square footage of total units
When does the applicable fraction have to be correct for tax credits to qualify -✔✔Last
day of the first year of the compliance period
What could happen with a decrease in qualified basis -✔✔Recapture of credits claimed
