HCCP Project Management 2

Question 1

Under LIHTC rules, what is the deadline for meeting the 10% test after receiving a carryover allocation?

Accepted Answer

12 months from allocation date

Answer

Projects receiving a carryover allocation must incur more than 10% of the reasonably expected basis within 12 months of the allocation date.

Question 2

A developer discovers during construction that the site has unexpected soil contamination. Which project management step is the most appropriate immediate action?

Accepted Answer

Halt construction, notify the state agency, and engage an environmental consultant

Answer

Environmental contamination requires halting affected work, notifying the allocating agency, and engaging a qualified environmental consultant to assess remediation needs.

Question 3

In a LIHTC project, what document formally establishes the completion date for purposes of the placed-in-service deadline?

Accepted Answer

The Certificate of Occupancy issued by the local jurisdiction

Answer

A Certificate of Occupancy from the local jurisdiction is the standard evidence used to establish that a building has been placed in service.

Question 4

A general contractor submits a change order that increases total construction costs by 8%. How does this typically affect the LIHTC basis?

Accepted Answer

It may increase eligible basis if the costs are depreciable and part of the qualified building

Answer

Depreciable construction costs that are part of the qualified low-income building can increase eligible basis, subject to the allocating agency's review.

Question 5

Which project management tool is most useful for tracking interdependent construction activities and identifying the critical path in a LIHTC development?

Accepted Answer

A Gantt chart with predecessor relationships

Answer

A Gantt chart with predecessor relationships enables critical path identification by showing which tasks must be completed before others can begin.

(HCCP) Housing Credit Certified Professional Practice Test

(HCCP) Housing Credit Certified Professional Practice Test

HCCP Project Management 2