HCCP EXAM
How long do you have to implement Income Limit? - ANSWERS-Must be
implemented within 45 days of release date
MTSP? - ANSWERS-Multi-Family Tax Subsidy Program
Hold Harmless - ANSWERS-Last years MTSP Limits -Owners don't have to
decrease rent but can increase
HERA Special PIS effective year - ANSWERS-2008 or Sooner
HERA Special: - ANSWERS-Use income limits as of PIS Date and not current
Limits
Conversion Factor - ANSWERS-1.2 used to calculate income limit from 50% to
60%
Doubling Method - ANSWERS-50% income limit x 2 = (Total) x set aside
Calculating Rent - ANSWERS-1.5 people per bedroom
Rounding Rent - ANSWERS-Round Down - Always drop the cents
Rounding - ANSWERS-Always Round Up (except rent)
, Gross Rent Floor - ANSWERS-A decrease in max rent to the max rent amount
on the date of owners choice:
1. Credit Allocation
2. Placed in Service
NOTE: If owner does not want to choose one:
Default Date is as of credit allocation
Eligible Basis: - ANSWERS-Cost of Construction
Qualified Basis - ANSWERS-Cost that goes to LIHTC units
Average Income - ANSWERS-Must meet BOTH rent restricted and 40% at or
below 60%
What is the makeup of a BIN number - ANSWERS-State-Allocating year- state
specific numbers (CA-20-22222)
Next Available Unit Rule aka.... - ANSWERS-1. 140% rule
2. Next Available Unit Rule
3. NAUR
Next Available Unit Requirements - ANSWERS-1. Next unit (equal size or
smaller)
2. Same BIN must be
3. Rented to the next qualified applicant
Vacant Unit Rule Requirements - ANSWERS-1. Continue to qualify if
reasonable attempts to rent are made
How long do you have to implement Income Limit? - ANSWERS-Must be
implemented within 45 days of release date
MTSP? - ANSWERS-Multi-Family Tax Subsidy Program
Hold Harmless - ANSWERS-Last years MTSP Limits -Owners don't have to
decrease rent but can increase
HERA Special PIS effective year - ANSWERS-2008 or Sooner
HERA Special: - ANSWERS-Use income limits as of PIS Date and not current
Limits
Conversion Factor - ANSWERS-1.2 used to calculate income limit from 50% to
60%
Doubling Method - ANSWERS-50% income limit x 2 = (Total) x set aside
Calculating Rent - ANSWERS-1.5 people per bedroom
Rounding Rent - ANSWERS-Round Down - Always drop the cents
Rounding - ANSWERS-Always Round Up (except rent)
, Gross Rent Floor - ANSWERS-A decrease in max rent to the max rent amount
on the date of owners choice:
1. Credit Allocation
2. Placed in Service
NOTE: If owner does not want to choose one:
Default Date is as of credit allocation
Eligible Basis: - ANSWERS-Cost of Construction
Qualified Basis - ANSWERS-Cost that goes to LIHTC units
Average Income - ANSWERS-Must meet BOTH rent restricted and 40% at or
below 60%
What is the makeup of a BIN number - ANSWERS-State-Allocating year- state
specific numbers (CA-20-22222)
Next Available Unit Rule aka.... - ANSWERS-1. 140% rule
2. Next Available Unit Rule
3. NAUR
Next Available Unit Requirements - ANSWERS-1. Next unit (equal size or
smaller)
2. Same BIN must be
3. Rented to the next qualified applicant
Vacant Unit Rule Requirements - ANSWERS-1. Continue to qualify if
reasonable attempts to rent are made
