HCCP exam
Units that support tax credits meet the following requirements - ANSI- income limits
R- rent limits
S- safe and sanitary
General Partner - ANSAn owner (partner) who has unlimited liability and is active in
managing the firm.
Limited Partnership (LP) - ANSA partnership in which one or more partners have limited
liability as long as at least one partner (the general partner) has unlimited liability. The limited
partners are passive investors that cannot take an active role in the firm's management.
syndicator - ANSFacilitate the GP and LP relationship. Syndicator combine multiple projects
into a single fund, and then offer shares in the fund to individual investors
State HFAs are often called - ANSState agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - ANSThe allocation of
credits and compliance monitoring
The ceiling on the amount that can be allocated is - ANSAdjusted for inflation each year and
is based on a states population
Allocation rules are spelled out in a - ANSQualified allocation plan (QAP)
Applications are scored according to the - ANSQAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - ANSUsing form 8823
Uniform physical conditions standards (UPCS) - ANSThe states use ______ for local code
for physical inspections
Household income for tax credit properties is determined in a manner consistent with -
ANSSection 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with
it - ANSHUD handbook 4350.3
A tenant income certification and supporting documentation are not sufficient unless, at
minimum the following documents are included - ANS1. Household application/income and
asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
Units that support tax credits meet the following requirements - ANSI- income limits
R- rent limits
S- safe and sanitary
General Partner - ANSAn owner (partner) who has unlimited liability and is active in
managing the firm.
Limited Partnership (LP) - ANSA partnership in which one or more partners have limited
liability as long as at least one partner (the general partner) has unlimited liability. The limited
partners are passive investors that cannot take an active role in the firm's management.
syndicator - ANSFacilitate the GP and LP relationship. Syndicator combine multiple projects
into a single fund, and then offer shares in the fund to individual investors
State HFAs are often called - ANSState agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - ANSThe allocation of
credits and compliance monitoring
The ceiling on the amount that can be allocated is - ANSAdjusted for inflation each year and
is based on a states population
Allocation rules are spelled out in a - ANSQualified allocation plan (QAP)
Applications are scored according to the - ANSQAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - ANSUsing form 8823
Uniform physical conditions standards (UPCS) - ANSThe states use ______ for local code
for physical inspections
Household income for tax credit properties is determined in a manner consistent with -
ANSSection 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with
it - ANSHUD handbook 4350.3
A tenant income certification and supporting documentation are not sufficient unless, at
minimum the following documents are included - ANS1. Household application/income and
asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
