HCCP Exam (2025) – Study Guide and Exam Revision Material
Units that support tax credits meet the following requirements - correct answer ✔✔I- income
limits
R- rent limits
S- safe and sanitary
General Partner - correct answer ✔✔An owner (partner) who has unlimited liability and is
active in managing the firm.
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.
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
State HFAs are often called - correct answer ✔✔State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - correct answer ✔✔The
allocation of credits and compliance monitoring
The ceiling on the amount that can be allocated is - correct answer ✔✔Adjusted for inflation
each year and is based on a states population
Allocation rules are spelled out in a - correct answer ✔✔Qualified allocation plan (QAP)
Applications are scored according to the - correct answer ✔✔QAP, and credits are awarded
accordingly
, A notable exception is reporting of non compliance to the IRS - correct answer ✔✔Using form
8823
Uniform physical conditions standards (UPCS) - correct answer ✔✔The states use ______ for
local code for physical inspections
Household income for tax credit properties is determined in a manner consistent with - correct
answer ✔✔Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with it -
correct answer ✔✔HUD handbook 4350.3
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
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
Student status exemptions - correct answer ✔✔1. All adult household members are married
and entitled to file a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR program
Student status must be verified at - correct answer ✔✔Move in and annually
Units that support tax credits meet the following requirements - correct answer ✔✔I- income
limits
R- rent limits
S- safe and sanitary
General Partner - correct answer ✔✔An owner (partner) who has unlimited liability and is
active in managing the firm.
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.
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
State HFAs are often called - correct answer ✔✔State agencies or state allocating agencies
State HFA's are used by the IRS to carry out two primary functions - correct answer ✔✔The
allocation of credits and compliance monitoring
The ceiling on the amount that can be allocated is - correct answer ✔✔Adjusted for inflation
each year and is based on a states population
Allocation rules are spelled out in a - correct answer ✔✔Qualified allocation plan (QAP)
Applications are scored according to the - correct answer ✔✔QAP, and credits are awarded
accordingly
, A notable exception is reporting of non compliance to the IRS - correct answer ✔✔Using form
8823
Uniform physical conditions standards (UPCS) - correct answer ✔✔The states use ______ for
local code for physical inspections
Household income for tax credit properties is determined in a manner consistent with - correct
answer ✔✔Section 8 housing rules
When this document is changed by HUD. The tax credit income and asset rules change with it -
correct answer ✔✔HUD handbook 4350.3
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
2. Verification of income and assets
3. Student status
4. Tenant income certification (TIC)
Student status exemptions - correct answer ✔✔1. All adult household members are married
and entitled to file a joint tax return
2. All adult household members are single parents with minor children
3. A household member receives TANF
4. A household member formerly received foster care assistance
5. A household member gets assistance from the JTPA or SIMILAR program
Student status must be verified at - correct answer ✔✔Move in and annually
