FREE HCCP Project Management Questions and Answers
What is the primary purpose of a "due diligence" review during the project management process?
The due diligence review is crucial for identifying potential risks and issues that could affect the project’s feasibility and financial stability. This review helps ensure that all aspects of the project are thoroughly evaluated before securing financing and moving forward with development.
During which phase of a project is it crucial to ensure that the property meets all LIHTC compliance requirements?
While compliance with LIHTC requirements is important throughout the project, the compliance monitoring phase is crucial for ensuring that all requirements are continuously met throughout the compliance period. This includes verifying tenant income and ensuring the property remains in good condition.
What role does a property manager play in the LIHTC compliance process?
Property managers are responsible for maintaining compliance by managing tenant income and eligibility documentation, which ensures that tenants meet the program’s income requirements. They also handle lease agreements and ensure ongoing compliance with program rules.
What is typically included in a project's "Planned Unit Development" (PUD) report?
A Planned Unit Development (PUD) report includes detailed design and development plans for the project. This report helps ensure that the project is feasible and aligns with the requirements and goals of the LIHTC program.
What is the first step in the application process for LIHTC funding?
The initial step in the LIHTC application process is to submit a preliminary application to the state housing finance agency. This application includes basic project information and is used to determine if the project meets the minimum criteria for further consideration.