CHFA oversees rental housing developments in Connecticut that are subject to various compliance and reporting standards associated with their funding source. The Elderly Housing Program was designed to offer loans, deferred loans and/or grants to developers and owners of housing for the elderly and the disabled. Recipients of funds under this program are required to regularly provide CHFA with documentation that demonstrates their compliance with specific financial, insurance, property, tenant and lease requirements.
The Elderly Housing Program is subject to relevant state of Connecticut statutory and regulatory requirements, as well as the provisions of the Loan Documents and/or Assistance Agreement(s) applicable between the owner, CHFA and the Department of Housing. All operating expenses must be paid from rents collected from the residents.
Some of the Compliance Reporting Requirements are as follows:
- Audited Annual Financial Statement (AFS) must include Balance Sheet, Income Statement, Statement of Cash Flows, Statement of Owner's Equity, Notes to the Financial Statements, Signed Independent Auditor's Reports (Compliance, Internal Controls, Federal & State Program, etc.), Schedule of Findings (if applicable), Auditee's Corrective Action Plan (if applicable), Signed Owner/Sponsor Certification, Signed Management Agent Certification (if applicable), and CHFA's Supplemental Reports. Note: A pdf copy of the AFS and supplemental forms excel workbook must be uploaded to CHFA via the AFS secured portal.
- Annual Budgets Note: All submissions should be uploaded to CHFA via our Budget / Interim secured portal.
- Interim Quarterly Statement of Operations Note: All submissions should be uploaded to CHFA via our Budget / Interim secured portal.
- Insurance Requirements For additional information please contact our Multifamily Insurance Servicing Group at mfinsurance@chfa.org.
- Leases must meet the requirements of Connecticut General Statutes and regulations, as well as federal and state Fair Housing laws. In addition, every lease must contain a rider that clearly states the residency rules and regulations of the development.
- Miscellaneous Annual Reporting
- Replacement, Maintenance & Reserve Requirements
- Tenant Profile Submission (TPS) & Wait List Survey Requirements
Questions? Contact your CHFA Asset Manager.