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HCCP Exam Questions with Verified Answers
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HCCP Exam Questions with Verified Answers
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HCCP Exam Questions with Verified Answers.Fair Housing - How many Protected Classes Answer - 7 Federal Protected Classes
What are the Federally Protected Classes Answer - Race, Color, Religion, Sex, National
Orgin, Disability and Familial Status
Private Letter Ruling Answer - Ruling made directly with the owner but cannot be changed
Private Letter Ruling Answer - Cannot be cited as precedent
HERA Answer - Housing andEconomic Recovery Acts
What year does HERA start Answer - 2008
When did LIHTC Start Answer - 1986 - 10/22/1986
To Retain credits, a development must: Answer - 1. Rent to Qualified Households
2. Keep Rents Affordable
3. Keep property Decent, Safe and Sanitary
I - R - S cheat meaning Answer - I - Income
R - Rents S - Safe and Sanitary
General Partner Answer - Considered the Owner but can also be the Management Company
Limited Partner Answer - Provides GP with money to build
Syndicator Answer - Middle Man - communicates between GP and LP
What are other names for HFA - State Housing Finance Agency Answer - 1. State Agency
2. Allocating Agency
3. Finance Agency What is a QAP Answer - Qualified Allocation Plan
What is QAP also Known As Answer - Game Plan
What is the Game Plan Answer - QAP - Qualified Allocation Plan
QAP Answer - Used by the states to decide who gets credits using the scoring system
What is form 8823 Answer - Form used by the state agency to file non compliance to the IRS
Who files 8823? Answer - State Agency
What is 8823 Guide book Answer - Provides agency's with reference on how to complete form 8823
What is LURA? Answer - Land Use Restriction Agreement
LURA Aka... Answer - 1. Use Agreement
2. Regulatory Agreement
What is form 8610? Answer - State turns into the IRS (along with 8609) the first year to account for their allocating and monitoring duties
What is form 8609? Answer - The Official allocation of credits from the state for each bulding
Line 8b on 8609 Answer - Indicates if the building is part of a multi-building project
Line 10d on the 8609 Answer - Which Line of the 8609 references Deep Rent Skewed
Line 10c on 8609 Answer - Minimum set-aside
Line 7 on 8609 Answer - Eligible Basis
Line 8a on 8609 Answer - Qualified Basis
Applicable Fraction Answer - The Percentage of the units that are Tax Credit
How long do you have to implement Income Limit? Answer - Must be implemented within 45 days of release date
MTSP? Answer - Multi-Family Tax Subsidy Program
Hold Harmless Answer - Last years MTSP Limits -Owners don't have to decrease rent but can increase
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