HCCP Chapter 1 Test Prep – Verified Q&A for LIHTC Certification

HCCP TEST PREP QUESTIONS CHAPTER 1
WITH DETAILED VERIFIED ANSWERS


1. For Income avg - we have a 20 unit project. Which of
these would meet the minimum requirement?


A. 1 unit at 80%, 1 unit at 70%, 2 units at 60%, 2 units at
30%, 1 unit at 20%
B. 4 units at 80%, 1 units at 60%, 1 unit at 40%, 1 unit at
20%
C. 2 units at 80%, 2 units at 70%, 2 units at 50%, 2 units a
40% - correct answer- C. 2 units at 80%, 2 units
at 70%, 2 units at 50%, 2 units at 40%


1. Per the 8609 the BIN was PIS October 20, 2004.
Question 8b is marked no and question 10a is marked yes.
And per the LURA there is an extended use period of 25
years.


· Is this a single BIN project?
· Did the tax credits start in 2004?

, · What date is the end of the EUP? - correct
answer- 1. Yes
2. No
3. 12/31/2044


Can the election of 8b ever change? - correct
answer- No


How are tax credits allocated? - correct answer-
1. Per person amount based on census data. Or minimum
amt whichever is higher


How long is the federal tax credit period? - correct
answer- 10 Years


How many characters make up a BIN? - correct
answer- 9 Characters (state abbreviation, 2# that
represent the yr credits were allocated, last 5# are
selected by the state agency)