and Replacement Reserve for State Housing Portfolio
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
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
Connecticut Housing Finance Authority
Attn: [Your Asset Manager]
999 West Street
Rocky Hill, Connecticut 06067
The following documents are related to Repair, Maintenance
and Replacement Reserve Escrows and may be used by
properties within the State Housing Portfolio:
- 6 |
|Capital Improvement Schedule|
This workbook is used by developments with CHFA Multifamily Mortgages to project their Capital Improvements on a yearly basis.
|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.
|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
|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.
|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.
|Escrow Reserve Policy Training Presentation|
This Powerpoint Presentation is to assist you in the Escrow Reserve Policy Procedures.
- 6 |