HCCP EVALUATION TEST QUESTIONS AND
ANSWERS SET A+
✔✔Acquisition/Rehab - ✔✔1. Existing tenants are NOT grandfathered in
2. New certs are required
3. May have other programs
-Did not have existing tax credits
✔✔Acquisition Credits - ✔✔PIS is the date building is acquired (purchased)
✔✔Military pay - ✔✔Only pay not included is Hostile Fire Pay (HFP)
✔✔Rehab Credit - ✔✔1. Owner elected date during any 24mo
2. Expenditures are at least - 20% of adjusted basis spent or min per unit amount spent
✔✔Rehab and acquisition credits - same year - ✔✔1. Credits must begin same year
2. Both credits may be claimed the date of acquisition
3. Aqu is 2-1-22 rehab is 11-30-22
Both credits may be claimed 2-1-22 aqu date
✔✔Rehab and acquisition credits - different year - ✔✔1. Both credits may be claimed
first of the year rehab is PIS
2. Acq 7-1-22 the rehab PIS 3-1-23 - both credits may be claimed on 1-1-23
✔✔RE-Syndication w/existing LURA - ✔✔1. Must comply with both LURAs
2. Residents remain qualified after re-syndication
3. New Income certs DO NOT need to be done on existing residents
✔✔Re-Syndication w/out an existing LURA - ✔✔1. Existing residents are NOT
grandfathered in
2. New certs ARE required
3. May have other programs but the tax credit extended use has expired
, ✔✔Household does not include - ✔✔1. Guest
2. Live-in aid
3. Foster kids/adults
✔✔Application Forms - ✔✔1. Not required by IRS
2. Does suggest the owner use one
3. Should ask for income, assets, and student status
✔✔Application Fees - ✔✔May cover cost of income, credit history, landlord references -
cost is limited
No out of pocket costs
✔✔Allowable Criteria - ✔✔1. Criminal Criteria - not required by IRS
2. Citizens Req - IRS not required
3. Owner may implement - should not be applied to Sec 8 holders
✔✔Household Includes - ✔✔1. Reside in 50% of the time
2. Away at school comes home on breaks
3. In process of adoption
4. Unborn child - self declared pregnant woman
5. Temp absent due to work or hospital
✔✔Household Size - military - ✔✔Is a co-head, HOH, or spouse of the HOH or had a
dependent or a spouse in the unit
✔✔Perm confined to hospital - ✔✔1. Can be included in household - can NOT be listed
as HOH or Co-head or spouse
2. Must include their income
✔✔Removing Original members - ✔✔1. Income qualify as new household
✔✔Individual Student Exceptions - ✔✔1. One member receive TANF
2. One member previously in Foster Care
3. Enrolled in job training - must be government funded
✔✔Household Student Exception - ✔✔1. All adults are single parents w/kids
- verify w/tax returns or affidavit - kid must be claimed on parent's taxes
2. All students are married and entitled to file a joint return - does not have to have file a
joint return
✔✔Self-Employed - ✔✔1. Only include Net Income Gross - Expense
2.
✔✔checking account - ✔✔1. Count current amount
2. Current amount x interest rate
ANSWERS SET A+
✔✔Acquisition/Rehab - ✔✔1. Existing tenants are NOT grandfathered in
2. New certs are required
3. May have other programs
-Did not have existing tax credits
✔✔Acquisition Credits - ✔✔PIS is the date building is acquired (purchased)
✔✔Military pay - ✔✔Only pay not included is Hostile Fire Pay (HFP)
✔✔Rehab Credit - ✔✔1. Owner elected date during any 24mo
2. Expenditures are at least - 20% of adjusted basis spent or min per unit amount spent
✔✔Rehab and acquisition credits - same year - ✔✔1. Credits must begin same year
2. Both credits may be claimed the date of acquisition
3. Aqu is 2-1-22 rehab is 11-30-22
Both credits may be claimed 2-1-22 aqu date
✔✔Rehab and acquisition credits - different year - ✔✔1. Both credits may be claimed
first of the year rehab is PIS
2. Acq 7-1-22 the rehab PIS 3-1-23 - both credits may be claimed on 1-1-23
✔✔RE-Syndication w/existing LURA - ✔✔1. Must comply with both LURAs
2. Residents remain qualified after re-syndication
3. New Income certs DO NOT need to be done on existing residents
✔✔Re-Syndication w/out an existing LURA - ✔✔1. Existing residents are NOT
grandfathered in
2. New certs ARE required
3. May have other programs but the tax credit extended use has expired
, ✔✔Household does not include - ✔✔1. Guest
2. Live-in aid
3. Foster kids/adults
✔✔Application Forms - ✔✔1. Not required by IRS
2. Does suggest the owner use one
3. Should ask for income, assets, and student status
✔✔Application Fees - ✔✔May cover cost of income, credit history, landlord references -
cost is limited
No out of pocket costs
✔✔Allowable Criteria - ✔✔1. Criminal Criteria - not required by IRS
2. Citizens Req - IRS not required
3. Owner may implement - should not be applied to Sec 8 holders
✔✔Household Includes - ✔✔1. Reside in 50% of the time
2. Away at school comes home on breaks
3. In process of adoption
4. Unborn child - self declared pregnant woman
5. Temp absent due to work or hospital
✔✔Household Size - military - ✔✔Is a co-head, HOH, or spouse of the HOH or had a
dependent or a spouse in the unit
✔✔Perm confined to hospital - ✔✔1. Can be included in household - can NOT be listed
as HOH or Co-head or spouse
2. Must include their income
✔✔Removing Original members - ✔✔1. Income qualify as new household
✔✔Individual Student Exceptions - ✔✔1. One member receive TANF
2. One member previously in Foster Care
3. Enrolled in job training - must be government funded
✔✔Household Student Exception - ✔✔1. All adults are single parents w/kids
- verify w/tax returns or affidavit - kid must be claimed on parent's taxes
2. All students are married and entitled to file a joint return - does not have to have file a
joint return
✔✔Self-Employed - ✔✔1. Only include Net Income Gross - Expense
2.
✔✔checking account - ✔✔1. Count current amount
2. Current amount x interest rate
