HCCP Exam 2025 – Quizzes and Verified Answers | Certified Housing Credit Professional Study Guid

HCCP Exam 2025 – Quizzes and Verified
Answers | Certified Housing Credit
Professional Study Guid
e

Units thatsupporttaxcreditsmeetthefollowingrequirements- (CORRECT ANSWER) -I- income
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limits
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R- rentlimits
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S- safeandsanitary
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GeneralPartner- (CORRECT ANSWER) -An owner(partner)whohasunlimitedliabilityandis activein
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managingthefirm.
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LimitedPartnership(LP) - (CORRECT ANSWER) -A partnershipin whichoneor morepartnershave
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limitedliabilityas long asat leastonepartner(thegeneralpartner)hasunlimitedliability.The limited
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partnersarepassiveinvestorsthatcannottakean activerolein thefirm'smanagement.
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syndicator- (CORRECT ANSWER) -FacilitatetheGP andLP relationship.Syndicatorcombinemultiple
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projectsinto a singlefund,andthenoffersharesin thefundto individualinvestors
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StateHFAs areoftencalled- (CORRECT ANSWER) -Stateagenciesor stateallocatingagencies
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StateHFA's areusedby theIRS to carryouttwoprimaryfunctions- (CORRECT ANSWER) -The
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allocationof creditsandcompliancemonitoring
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The ceilingon theamountthatcan beallocatedis - (CORRECT ANSWER)-Adjustedfor inflationeach
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yearandis basedon a statespopulation
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Allocationrulesarespelledoutin a - (CORRECT ANSWER) -Qualifiedallocationplan(QAP)
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Applicationsarescoredaccordingto the- (CORRECT ANSWER) -QAP, andcreditsareawarded j j j j j j j j j j j j



accordingly
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A notableexceptionis reportingof non complianceto theIRS - (CORRECT ANSWER) -Using form8823
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