HCCP Exam Questions with complete 100% verified solutions 2024/2025, Exams of Business Administration

Download HCCP Exam Questions with complete 100% verified solutions 2024/2025 and more Exams Business Administration in PDF only on Docsity! HCCP Exam Questions with complete 100% verified solutions 2024/2025 Fair Housing - How many Protected Classes 7 Federal Protected Classes What are the Federally Protected Classes Race, Color, Religion, Sex, National Orgin, Disability and Familial Status Private Letter Ruling Ruling made directly with the owner but cannot be changed Private Letter Ruling Cannot be cited as precedent HERA Housing andEconomic Recovery Acts What year does HERA start 2008 When did LIHTC Start 1986 - 10/22/1986 To Retain credits, a development must: 1. Rent to Qualified Households 2. Keep Rents Affordable 3. Keep property Decent, Safe and Sanitary I - R - S cheat meaning I - Income R - Rents S - Safe and Sanitary General Partner Considered the Owner but can also be the Management Company Limited Partner Provides GP with money to build Syndicator Middle Man - communicates between GP and LP What are other names for HFA - State Housing Finance Agency 1. State Agency 2. Allocating Agency 3. Finance Agency What is a QAP Qualified Allocation Plan What is QAP also Known As Game Plan What is the Game Plan QAP - Qualified Allocation Plan What is QAP for? Used by the states to decide who gets credits using the scoring system What is form 8823 Form used by the state agency to file non compliance to the IRS Who files 8823? State Agency What is 8823 Guide book Provides agency's with reference on how to complete form 8823 What is LURA? Land Use Restriction Agreement LURA Aka... 1. Use Agreement 2. Regulatory Agreement What is form 8610? State turns into the IRS (along with 8609) the first year to account for their allocating and monitoring duties What is form 8609? The Official allocation of credits from the state for each bulding Line 8b on 8609 Indicates if the building is part of a multi-building project Line 10d on the 8609 Deep Rent Skewed Line 10c on 8609 Minimum set-aside Line 7 on 8609 Eligible Basis Line 8a on 8609