HCCP Exam Review Questions with Verified
Correct Answers
Compliance period is _________ years
15
________ year Credit period starts on ______ the year after the project is placed in
service
10, 1/1
Can MSA ever be changed?
No
Initial inspection of tenant files is done at the ____ of year ____ after the project is
placed in service, then every _____ years
End of year 2, then every 3 years
Tenants must be verified less than _____ days before the effective date
120
Are student loans financial assistance/income?
No
Move in effective date is the same as the
Move in date
PIS date for Aq Rehab
A date in any 24 month period where 20% of adjusted basis is spent
, Project must be placed in service by end of year when credits were allocated. If a
carryover allocation is given, they get an extra ___ years, but they must spend ____% of
______ within _____ months
2 years, 10% of EB within 12 months
If credits are deferred, the project must meet the MSA by
The end of the following year
If bonds are used, can rural be used?
NO. Only private financing
HERA date
Before 1/1/09
_____ days notice to update utility allowance
90
Are super and model units counted in applicable fraction?
Super no, model is counted as market rate
Credits can be claimed when?
On the first of the month
If a unit is added after year one of the credit period, what happens?
2/3 credit over 15 years
When is the monitoring review?
End of year 2 following PIS
Correct Answers
Compliance period is _________ years
15
________ year Credit period starts on ______ the year after the project is placed in
service
10, 1/1
Can MSA ever be changed?
No
Initial inspection of tenant files is done at the ____ of year ____ after the project is
placed in service, then every _____ years
End of year 2, then every 3 years
Tenants must be verified less than _____ days before the effective date
120
Are student loans financial assistance/income?
No
Move in effective date is the same as the
Move in date
PIS date for Aq Rehab
A date in any 24 month period where 20% of adjusted basis is spent
, Project must be placed in service by end of year when credits were allocated. If a
carryover allocation is given, they get an extra ___ years, but they must spend ____% of
______ within _____ months
2 years, 10% of EB within 12 months
If credits are deferred, the project must meet the MSA by
The end of the following year
If bonds are used, can rural be used?
NO. Only private financing
HERA date
Before 1/1/09
_____ days notice to update utility allowance
90
Are super and model units counted in applicable fraction?
Super no, model is counted as market rate
Credits can be claimed when?
On the first of the month
If a unit is added after year one of the credit period, what happens?
2/3 credit over 15 years
When is the monitoring review?
End of year 2 following PIS
