Exam (elaborations)
HCCP-LIHTC COMPLIANCE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
HCCP-LIHTC COMPLIANCE EXAM QUESTIONS AND ANSWERS
[Show more]
Seller
Follow
Content preview
HCCP- LIHTC COMPLIANCE EXAM QUESTIONSAND ANSWERS.Tax Credits can be involved in: Answer - -New construction of a property
-Rehab of a currently owned property
-Acquisition of an existing property (only if it's also rehabbed)
HFA responsibilities : Answer - 1.Allocation of Credits
-Each year, each state is given a certain amount of credits to distribute or
allocate to developers. Under IRC §42(h)—the amount of credit available to the state for
allocation to taxpayers for any calendar year is the "credit ceiling". This amount is awarded per capita (population) and may be adjusted for inflation each year.
2.State HFA's issue the 9% tax credits through a competitive bid cycle and outlines their
criteria and regulations in a Qualified Allocation Plan
The following "game plan" is used by the states to decide who gets credits using a scoring system. Answer - -Identify the selection criteria to be used for determining housing priorities that are appropriate to local conditions Give preference to projects serving the lowest income tenants, for the longest periods, located in qualified census tracts and which will contribute to a concerted
community revitalization plan
-Provide procedures the state agency will follow to
monitor the project for continuous compliance with IRC §42 requirements and notify the IRS if noncompliance occurs
What happens when a non compliance is identified? Answer - When non-compliance is identified or the state agency becomes aware of a disposition of a building, the state agencies are required to notify the Internal Revenue Service using Form 8823, the form that Low Income Housing Credit Agencies use to report non-compliance or building disposition.
8
The 3rd party contractor acts as the state agent and can perform all of the state's monitoring duties except: Answer - issuing the notices of non-compliance, the 8823.
LURA Answer - Land Use Restriction Agreement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Rosetopgrader. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now