HCCP HCCP Site and Unit Standards

Question 1

Under the Low-Income Housing Tax Credit program, what is the minimum percentage of units that must meet the physical standards for accessible design in a new construction project subject to the Fair Housing Act?

Accepted Answer

10%

Answer

5%

Answer

25%

Answer

All ground-floor units

Question 2

Which physical inspection protocol is most commonly used by state housing finance agencies to evaluate LIHTC property condition during compliance monitoring?

Accepted Answer

UPCS (Uniform Physical Condition Standards)

Answer

HQS (Housing Quality Standards)

Answer

REAC Score System

Answer

ADA Accessibility Checklist

Question 3

When a LIHTC unit fails a physical inspection, what is the owner's typical obligation under IRS compliance rules?

Accepted Answer

Correct the deficiency within a reasonable time frame set by the state agency

Answer

Immediately evict the current tenant

Answer

Remove the unit from the low-income set-aside

Answer

File Form 8823 within 30 days

Question 4

Under LIHTC rules, which of the following amenities, if provided exclusively to market-rate tenants, would most likely constitute a violation?

Accepted Answer

Fitness center access restricted from low-income tenants

Answer

On-site management office

Answer

Laundry facility available to all tenants

Answer

Common area lobby

Question 5

What does the 'suitable for occupancy' standard require for a LIHTC unit to count toward the property's qualified basis?

Accepted Answer

The unit must be habitable and meet local health and safety codes

Answer

The unit must have been leased for at least 12 months

Answer

The unit must have passed a REAC inspection

Answer

The unit must be fully furnished

Question 6

If a LIHTC property has common areas that deteriorate significantly, which IRS form must the state agency file to report the noncompliance?

Accepted Answer

Form 8823

Answer

Form 8609

Answer

Form 1099-MISC

Answer

Form 8586