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.
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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
Reserve for Replacement Escrow
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.
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 |
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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 |
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| File | Size | Type | Asset & Property Management Manual - DRAFT
This draft manual sets forth the compliance and reporting procedures for developments within the State Housing Portfolio and CHFA-financed portfolio. | 1032K | pdf |
| Capital Improvement Guide
This document augments CHFA Standards of Design and Construction - 2011, and includes suggested related issues and conditions to be examined when planning various capital improvement/replacement/repair projects financed in 2011 through CHFA. | 265K | pdf |
| CHFA Reserve for Replacement Escrow Policy
This summary outlines the approval process by which a development obtains authorization from CHFA for a disbursement from their reserve for replacement escrow account. It also details the disbursement request process. | 33K | pdf |
| CHFA/SHP Replacement Reserve Descriptive Codes
This list outlines the items and codes for items typically considered eligible for reimbursement from the Replacement Reserve Escrow Account for use with CHFA Form 6-24 "Request to Release Replacement Reserves Escrow Funds". NOTE: This form is used for both the CHFA and State Housing Portfolios. | 12K | pdf |
| CHFA/SHP - HM6-30 - Estimated Useful Life
This list outlines the estimated useful life in years and the replacement year minimum for replacement reserve items. | 25K | pdf |
| CHFA/SHP - HM6-21 - Replacement Reserve Pre-Approval/Approval
This form is used by a development to obtain pre-approval from CHFA in order to commence work or purchase items intended to be reimbursed from the development's reserve for replacement escrow account. NOTE: This form is used for both the CHFA and State Housing Portfolios. | 45K | xls |
| CHFA Form HM6-24 - Request to Release Replacement Reserve Escrow Funds
This chart is used to itemize the work performed by vendor and location. It is included in the package submitted to CHFA when requesting a disbursement from a development’s reserve for replacement escrow account. | 80K | xls | | File | Size | Type |
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