HCCP CORRECT FINALS QUESTIONS AND
ANSWERS SET A+
✔✔Income Averaging- Project Consists of 2 buildings, Both Buildings haves 5 units
each. 3 units at 80%, 4 units at 60%, 2 units at 40% and 1 unit at 20%. Has this project
met MSA elected by the owner? - ✔✔Yes - 40% must be at or below 60% set aside
✔✔Deep Rent Skewing - ✔✔Line 10d on 8609 - 15/40 set-aside.
This election is in addition to the minimum set-aside election
✔✔How long do you have to implement Income Limits - ✔✔Income Limits must be
implemented within 45 days of the release date
✔✔How long do you have to implement Utility Allowances - ✔✔UA must be
implemented within 90 days of the announced PHA Change
✔✔Example of Non-Optional charge - ✔✔1. Renters Insurance
2. Cable
✔✔What is a non-optional charge included in the Gross Rent - ✔✔A charge that
everyone is required to pay
✔✔ Fair Housing - How many Protected Classes - ✔✔7 Federal Protected Classes
✔✔What are the Federally Protected Classes - ✔✔Race, Color, Religion, Sex, National
Orgin, Disability and Familial Status
✔✔Private Letter Ruling - ✔✔Ruling made directly with the owner but cannot be
changed
✔✔Private Letter Ruling - ✔✔Cannot be cited as precedent
, ✔✔HERA - ✔✔Housing andEconomic Recovery Acts
✔✔What year does HERA start - ✔✔2008
✔✔When did LIHTC Start - ✔✔1986 - 10/22/1986
✔✔To Retain credits, a development must: - ✔✔1. Rent to Qualified Households
2. Keep Rents Affordable
3. Keep property Decent, Safe and Sanitary
✔✔I - R - S cheat meaning - ✔✔I - Income
R - Rents
S - Safe and Sanitary
✔✔General Partner - ✔✔Considered the Owner but can also be the Management
Company
✔✔Limited Partner - ✔✔Provides GP with money to build
✔✔Syndicator - ✔✔Middle Man - communicates between GP and LP
✔✔What are other names for HFA - State Housing Finance Agency - ✔✔1. State
Agency
2. Allocating Agency
3. Finance Agency
✔✔What is a QAP - ✔✔Qualified Allocation Plan
✔✔What is QAP also Known As - ✔✔Game Plan
✔✔What is the Game Plan - ✔✔QAP - Qualified Allocation Plan
✔✔What is QAP for? - ✔✔Used by the states to decide who gets credits using the
scoring system
✔✔What is form 8823 - ✔✔Form used by the state agency to file non compliance to the
IRS
✔✔Who files 8823? - ✔✔State Agency
✔✔What is 8823 Guide book - ✔✔Provides agency's with reference on how to complete
form 8823
✔✔What is LURA? - ✔✔Land Use Restriction Agreement
ANSWERS SET A+
✔✔Income Averaging- Project Consists of 2 buildings, Both Buildings haves 5 units
each. 3 units at 80%, 4 units at 60%, 2 units at 40% and 1 unit at 20%. Has this project
met MSA elected by the owner? - ✔✔Yes - 40% must be at or below 60% set aside
✔✔Deep Rent Skewing - ✔✔Line 10d on 8609 - 15/40 set-aside.
This election is in addition to the minimum set-aside election
✔✔How long do you have to implement Income Limits - ✔✔Income Limits must be
implemented within 45 days of the release date
✔✔How long do you have to implement Utility Allowances - ✔✔UA must be
implemented within 90 days of the announced PHA Change
✔✔Example of Non-Optional charge - ✔✔1. Renters Insurance
2. Cable
✔✔What is a non-optional charge included in the Gross Rent - ✔✔A charge that
everyone is required to pay
✔✔ Fair Housing - How many Protected Classes - ✔✔7 Federal Protected Classes
✔✔What are the Federally Protected Classes - ✔✔Race, Color, Religion, Sex, National
Orgin, Disability and Familial Status
✔✔Private Letter Ruling - ✔✔Ruling made directly with the owner but cannot be
changed
✔✔Private Letter Ruling - ✔✔Cannot be cited as precedent
, ✔✔HERA - ✔✔Housing andEconomic Recovery Acts
✔✔What year does HERA start - ✔✔2008
✔✔When did LIHTC Start - ✔✔1986 - 10/22/1986
✔✔To Retain credits, a development must: - ✔✔1. Rent to Qualified Households
2. Keep Rents Affordable
3. Keep property Decent, Safe and Sanitary
✔✔I - R - S cheat meaning - ✔✔I - Income
R - Rents
S - Safe and Sanitary
✔✔General Partner - ✔✔Considered the Owner but can also be the Management
Company
✔✔Limited Partner - ✔✔Provides GP with money to build
✔✔Syndicator - ✔✔Middle Man - communicates between GP and LP
✔✔What are other names for HFA - State Housing Finance Agency - ✔✔1. State
Agency
2. Allocating Agency
3. Finance Agency
✔✔What is a QAP - ✔✔Qualified Allocation Plan
✔✔What is QAP also Known As - ✔✔Game Plan
✔✔What is the Game Plan - ✔✔QAP - Qualified Allocation Plan
✔✔What is QAP for? - ✔✔Used by the states to decide who gets credits using the
scoring system
✔✔What is form 8823 - ✔✔Form used by the state agency to file non compliance to the
IRS
✔✔Who files 8823? - ✔✔State Agency
✔✔What is 8823 Guide book - ✔✔Provides agency's with reference on how to complete
form 8823
✔✔What is LURA? - ✔✔Land Use Restriction Agreement
