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
Who do we NOT include - answer- Live in attendants
Define a live in attendant - 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
Annual income - answer- Earned income + unearned income + income from assets
before any deductions are taken ( gross income)
Unearned income - answer- Benefit income, unemployment income
Earned income - answer- Income from jobs or wages
When subtracting members - answer- Wait until next recertification date
When adding new members - answer- Verify and add the new members income to the
most recent certification. Apply the available unit rule if applicable to new household
income
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
Who do we NOT include - answer- Live in attendants
Define a live in attendant - 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
Annual income - answer- Earned income + unearned income + income from assets
before any deductions are taken ( gross income)
Unearned income - answer- Benefit income, unemployment income
Earned income - answer- Income from jobs or wages
When subtracting members - answer- Wait until next recertification date
When adding new members - answer- Verify and add the new members income to the
most recent certification. Apply the available unit rule if applicable to new household
income
