HCCP Final Exam Questions And
Already Passed.
Units that support tax credits meet the following requirements - Answer I- income limits
R- rent limits
S- safe and sanitary
General Partner - Answer An owner (partner) who has unlimited liability and is active in managing the
firm.
Limited Partnership (LP) - Answer A 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 - Answer Facilitate 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 - Answer State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - Answer The allocation of credits
and compliance monitoring
The ceiling on the amount that can be allocated is - Answer Adjusted for inflation each year and is
based on a states population
Allocation rules are spelled out in a - Answer Qualified allocation plan (QAP)
Applications are scored according to the - Answer QAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - Answer Using form 8823
Already Passed.
Units that support tax credits meet the following requirements - Answer I- income limits
R- rent limits
S- safe and sanitary
General Partner - Answer An owner (partner) who has unlimited liability and is active in managing the
firm.
Limited Partnership (LP) - Answer A 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 - Answer Facilitate 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 - Answer State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - Answer The allocation of credits
and compliance monitoring
The ceiling on the amount that can be allocated is - Answer Adjusted for inflation each year and is
based on a states population
Allocation rules are spelled out in a - Answer Qualified allocation plan (QAP)
Applications are scored according to the - Answer QAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - Answer Using form 8823
