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Escrow Reserves

Repair, Maintenance and Replacement Reserve for State Housing Portfolio Properties

Overview

The Connecticut Housing Finance Authority (CHFA) oversees housing developments that received original financing from state housing programs formerly administered by the Department of Economic and Community Development.  Owners and Management Agents of these developments are required to maintain Repair, Maintenance and Replacement Reserve Escrows.  In general, large withdrawals from a development’s Reserve Escrow are subject to CHFA approval and must relate to eligible expenditures for capital improvements, repairs or tenant assistance programs.  

Follow the links below for more information on the disbursement procedure for Repair, Maintenance and Replacement Reserve Escrows.

 

 

Who can apply to utilize Reserve Escrow funds?

Developments in the State Housing Portfolio that have been occupied for at least five years are eligible to apply for large disbursements from their Reserve Escrows.  HUD-insured developments are required to follow HUD policies and procedures pertaining to escrow disbursements.


 

How do you apply to utilize Reserve Escrow funds? 

Requests for work exceeding $100,000 may be submitted on CHFA form HM 6-21 – Replacement Reserve Pre-Approval/Approval, as a cover sheet, and must include all quotations, job specifications and contracts associated with the requested expenditure. Owners and/or Management Agents should forward their request along with supporting materials by fax, US Mail, or electronic mail to their Asset Manager.     

(See also, the Asset & Property Management Manual, Chapter 10, for further details. Also, CHFA Asset Management Escrow Disbursement Policy for information on CHFA-held escrows.)


 

What improvements and repairs are eligible for an escrow disbursement?

Generally, a development is allowed to withdraw funds for expenditures related to non-routine major repairs or replacements.   See form CHFA – HM 6-22 – Replacement Reserve Descriptive Codes for a list of eligible expenditures.  This form is located within the Escrow Disbursement Forms Workbook.

CHFA has the discretion to make exceptions to this general rule on a case by case basis.


 

Questions? Contact CHFA.

Housing developments with questions about Reserve for Replacement Escrow reimbursements should contact their Asset Manager directly.  

Mailing Address:
Connecticut Housing Finance Authority
Attn: [Your Asset Manager]
999 West Street
Rocky Hill, Connecticut 06067


 

Additional Information

The following documents are related to Repair, Maintenance and Replacement Reserve Escrows and may be used by properties within the State Housing Portfolio:
Related Documents Found: 6  matches     Displaying: 1 - 6 
FileSizeType
Capital Improvement Schedule
This workbook is used by developments with CHFA Multifamily Mortgages to project their Capital Improvements on a yearly basis.
90Kxls

Capital Improvement Guide
This document augments CHFA's 2015 Multifamily Design, Construction and Sustainability Standards, and includes suggested related issues and conditions to be examined when planning various capital improvement/replacement/repair projects in 2015.
494Kpdf

Capital Improvement Project Classifications
CHFA's Construction Guidelines: Technical Services/Asset Management (TSAM) Capital Improvement Project Review is used to determine the Classification Code for repairs/replacements/installations of items as part of the Escrow Disbursement Policy
235Kpdf

Escrow Disbursement Forms Workbook
This workbook contains all the Escrow Disbursement Forms that are needed for an escrow disbursement. In addition, it also includes worksheets listing the CHFA Classifications and the Descriptive Codes.
396Kxls

CHFA Escrow Disbursement Policy
This summary outlines the approval policy by which a development obtains authorization from CHFA for an escrow disbursement. It also details the disbursement request process.
59Kpdf

Escrow Reserve Policy Training Presentation
This Powerpoint Presentation is to assist you in the Escrow Reserve Policy Procedures.
242Kppt
FileSizeType
Found: 6  matches     Displaying: 1 - 6