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HCCP exam with complete solution
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HCCP exam with complete solution
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HCCPexam
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
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