HCCP Exam 2025 Questions and Answers
Units that support tax credits meet the following requirements - ANS I- income limits
R- rent limits
S- safe and sanitary
General Partner - ANS An owner (partner) who has unlimited liability and is active in
managing the firm.
Limited Partnership (LP) - ANS 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 - ANS 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 - ANS State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - ANS The allocation of
credits and compliance monitoring
The ceiling on the amount that can be allocated is - ANS Adjusted for inflation each year and
is based on a states population
Pg. 1 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
, Allocation rules are spelled out in a - ANS Qualified allocation plan (QAP)
Applications are scored according to the - ANS QAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - ANS Using form 8823
Uniform physical conditions standards (UPCS) - ANS The states use ______ for local code for
physical inspections
Household income for tax credit properties is determined in a manner consistent with -
ANS Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with it -
ANS HUD handbook 4350.3
A tenant income certification and supporting documentation are not sufficient unless, at
minimum the following documents are included - ANS 1. Household application/income and
asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
Student status exemptions - ANS 1. All adult household members are married and entitled to
file a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR program
Pg. 2 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
Units that support tax credits meet the following requirements - ANS I- income limits
R- rent limits
S- safe and sanitary
General Partner - ANS An owner (partner) who has unlimited liability and is active in
managing the firm.
Limited Partnership (LP) - ANS 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 - ANS 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 - ANS State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - ANS The allocation of
credits and compliance monitoring
The ceiling on the amount that can be allocated is - ANS Adjusted for inflation each year and
is based on a states population
Pg. 1 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
, Allocation rules are spelled out in a - ANS Qualified allocation plan (QAP)
Applications are scored according to the - ANS QAP, and credits are awarded accordingly
A notable exception is reporting of non compliance to the IRS - ANS Using form 8823
Uniform physical conditions standards (UPCS) - ANS The states use ______ for local code for
physical inspections
Household income for tax credit properties is determined in a manner consistent with -
ANS Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with it -
ANS HUD handbook 4350.3
A tenant income certification and supporting documentation are not sufficient unless, at
minimum the following documents are included - ANS 1. Household application/income and
asset questionnaire
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
Student status exemptions - ANS 1. All adult household members are married and entitled to
file a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR program
Pg. 2 Copyright © 2025 Jasonmcconell. ALL RIGHTS RESERVED.
