HCCP HCCP Site and Unit Standards 2

Question 1

What is the purpose of the 'vacant unit rule' in LIHTC compliance?

Accepted Answer

A vacated low-income unit retains its qualified status if the owner rents the next available unit of comparable size to an income-qualified tenant

Answer

The vacant unit rule allows a unit to remain in the low-income set-aside if the next available comparable unit is rented to an income-qualified household.

Question 2

Which of the following best describes the 'next available unit' rule when an over-income tenant is discovered in a LIHTC property?

Accepted Answer

The next unit of equal or smaller size that becomes available must be rented to an income-qualified household

Answer

When a tenant's income rises above the qualifying limit, the next available unit of equal or smaller size must be rented to an income-qualified household to maintain set-aside percentages.

Question 3

Under the LIHTC program, what standard governs minimum unit square footage and habitability?

Accepted Answer

State and local building codes, since federal LIHTC law does not specify minimum square footage

Answer

Federal LIHTC rules do not specify minimum square footage; local and state building codes govern habitability and minimum size requirements.

Question 4

A LIHTC property owner discovers that a unit has significant mold growth. Under compliance standards, what is the most appropriate immediate action?

Accepted Answer

Address the health hazard promptly and document all remediation steps

Answer

Owners must prioritize tenant health and safety by promptly remediating the mold and documenting all corrective actions taken.

Question 5

When a LIHTC unit is designated as a manager's unit, how does this affect the project's applicable fraction?

Accepted Answer

Manager's units occupied by on-site staff do not count toward the residential rental units in the applicable fraction calculation

Answer

On-site manager units occupied by employees are excluded from the residential rental unit count when calculating the applicable fraction.

(HCCP) Housing Credit Certified Professional Practice Test

(HCCP) Housing Credit Certified Professional Practice Test

HCCP HCCP Site and Unit Standards 2