HCCP Exam Questions and Answers.
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
Uniform physical conditions standards (UPCS) Answer - The states use ______ for
local code for physical inspections
Household income for tax credit properties is determined in a manner consistent with
Answer - Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change
with it Answer - HUD handbook 4350.3
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
Uniform physical conditions standards (UPCS) Answer - The states use ______ for
local code for physical inspections
Household income for tax credit properties is determined in a manner consistent with
Answer - Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change
with it Answer - HUD handbook 4350.3
