HCCP EXAM 2024 QUIZZES & ANS!!Units that support tax credits meet the following requirements Answer - I- income limits R- rent limits S- safe and sanitary 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 When this document is changed by HUD. The tax credit income and asset rules change with it Answer - HUD handbook 4350.3
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