HCCP ACTUAL TEST PAPER 2026
COMPLETE QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● 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
COMPLETE QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● 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
