HCCP EXAM QUES TIONS AND ANSWERS.

HCCP EXAM QUES TIONS AND ANSWERS.

Question :Units that support tax credits meet the following

requirements

Correct answer:I- income limits

R- rent limits S- safe and sanitary

Question :General Partner

Correct answer:An owner (partner) who has unlimited

liability and is active in managing the firm.

Question :Limited Partnership (LP)

Correct 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.

Question :syndicator

Correct 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

Question :State HFAs are often called

Correct answer:State agencies or state allocating agencies

Question :State HFA's are used by the IRS to carry out two

primary functions

Correct answer:The allocation of credits and compliance

monitoring

Question :The ceiling on the amount that can be allocated is

Correct answer:Adjusted for inflation each year and is based

on a states population

Question :Allocation rules are spelled out in a

Correct answer:Qualified allocation plan (QAP)

Question :Applications are scored according to the

Correct answer:QAP, and credits are awarded accordingly

Question :A notable exception is reporting of non compliance

to the IRS

Correct answer:Using form 8823

Question :Uniform physical conditions standards (UPCS)

Correct answer:The states use ______ for local code for

physical inspections

Question :Household income for tax credit properties is

determined in a manner consistent with

Correct answer:Section 8 housing rules

Question :When this document is changed by HUD. The tax

credit income and asset rules change with it

Correct answer:HUD handbook 4350.3

Question :A tenant income certification and supporting

documentation are not sufficient unless, at minimum the following documents are included

Correct answer:1. Household application/income and asset

questionnaire

• Verification of income and assets
• Student status
• Tenant income certification (TIC)

Question :Student status exemptions

Correct answer:1. All adult household members are married

and entitled to file a joint tax return

• All adult household members are single parents with minor

children

• A household member receives TANF
• A household member formerly received foster care

assistance

• A household member gets assistance from the JTPA or

SIMILAR program

Question :Student status must be verified at

Correct answer:Move in and annually

Question :Who do we count in the house hold?

Correct answer:Children who are Temporarily absent and

placed in foster home In joint custody who are present 50% of time Away at school who live with family during school breaks Being adopted Unborn Members temporarily away Members in rehab Future spouse or roommate Foster children and adults

Question :Who do we NOT include

Correct answer:Live in attendants

Question :Define a live in attendant

Correct answer:A person who resides with one or more

elderly persons or persons with disabilities Is determined to be essential to care of the persons Not obligated for the support of the persons and will NOT contribute materially to the household Would not be living in the unit except to probed necessary supportive services