INTERIM STATEMENT OF
OPERATIONS REPORTS

CHFA requires all applicable developments to submit an Interim Statement of Operations (Cash Flow Report) on CHFA Form HM 6-10 (Rev. 10/99) with supplemental schedule reporting requirements using the Accrual Method of Accounting. These reports are normally submitted on a quarterly basis (see "Due Dates" below). All CHFA's Multifamily forms and/or instructions may be accessed on our website.

SUPPLEMENTAL REPORTS

The supplemental schedules to be included with CHFA Form HM 6-10 are as follows:

· Cash Disbursement Schedule with CHFA account number
· Aged Accounts Receivable (i.e. 30, 60, 90, 90+ days)
· Aged Accounts Payables (i.e. 30, 60, 90, 90+ days)
· Variance Report (Budget-to-Date versus Actual-to-Date)

Please note: Variances more than 10% requires written explanation

DUE DATES

The due dates by which this report must arrive in CHFA's office will vary depending on the requirements set forth for the development by its Asset Manager. They are as follows:
· Monthly - by the fifteenth of each month beginning with the
   month that follows the first full month of your new fiscal year
   (e.g. Fiscal year is a calendar year - first report due in our
   office by February 15th.)
· Quarterly - by the fifteenth of each month beginning with the
   first month that follows the end of your first fiscal quarter
   (e.g. Fiscal year is a calendar year - first report due in our
   office by April 15th.)

Should you have any questions regarding this policy, please contact your Asset Manager.

Please note: The Authority, at its discretion, reserves the right under our mortgage documents (including the Regulatory and Management Agreements) to increase or decrease each development's cash flow reporting frequency. Therefore, the Authority may require a development to report monthly rather than quarterly.