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Compliance Reporting Requirements

Elderly Housing Program

Overview

The Connecticut Housing Finance Authority (CHFA) oversees rental housing developments in Connecticut that are subject to various compliance and reporting standards associated with their funding source.  Originally administered by the Connecticut Department of Economic and Community Development (DECD), 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 requirements and regulations as well as the provisions of the Loan Documents and/or Assistance Agreement(s), applicable between the owner and CHFA. .      

Follow the links below to learn more about the compliance rules under the Elderly Housing Program.

 

 

Audited Financial Statement Reporting Requirements

 

The Elderly Housing Program requires developments to submit an Audited Financial Statement to either CHFA and/or DECD where required.  Developments with Rental Assistance must submit an annual report; while developments without Rental Assistance can select to submit either annually or every two years.  All financial statements must be prepared by a Certified Public Accountant in accordance with guidelines set forth in the DECD Accounting Manual and the State of Connecticut Single Audit Act.

 

  • What should be included in the Audited Annual Financial Statement?

    The Audited Annual Financial Statement includes the following documents:  

    • Balance Sheet
    • Income Statement
    • Statement of Cash Flows
    • Statement of Owner’s Equity
    • Notes to the Financial Statements
    • Schedule of Findings
    • Auditee’s Corrective Action Plan (if applicable)

     

  • When is the Audited Annual Financial Statement due?

    The Audited Annual Financial Statement must be submitted within six months of the end of a development’s fiscal year.

     

  • In what format should the Audited Annual Financial Statement be submitted?

    The Audited Annual Financial Statement must be submitted in printed or electronic form (on diskette/CD) to CHFA and must be submitted in printed form to DECD.

     

  • Where should the Audited Annual Financial Statement be sent?

    Developments that are administered by Housing Authorities are required to submit their Audited Annual Financial Statement to DECD, with a courtesy copy provided to CHFA.  Developments that are administered by non-profit corporations or other owners must submit their Audited Annual Financial Statement to CHFA.  Audited Annual Financial Statements may be sent to the following addresses: 

    Mailing Address:
    Connecticut Housing Finance Authority
    Attn: State Housing Portfolio
    999 West Street
    Rocky Hill, Connecticut 06067

    Mailing Address:
    Department of Economic and Community Development
    505 Hudson Street
    Hartford, Connecticut 06106

     

 

Annual Financial Statement DocumentsFound: 4  matches.  
FileSizeType
AFS FAQs
This is a list of Frequently Asked Questions about CHFA's Audited Annual Financial Statement Reporting Requirements.
357Kpdf

CHFA AFS Instructions Beginning With Fiscal Year-End 12/31/2014
These instructions explain the use of the new CHFA Annual Financial Statement Workbook (Rev. 2014) which includes a Financial Input worksheet which links data to the other forms in the workbook.
72Kpdf

Supplemental Files
This excel workbook contains a Financial Input worksheet which feeds the required Supplemental Forms HM 6-50, HM 6-51 and HM 6-52. When used by a DOH Congregate development, the Input sheet will also feed a DOH Congregate Income and Expense worksheet.
204Kxlsm

SSHP Conversion Manual - Acctg. Guide
This guidance manual has been specifically designed to assist the State-Sponsored Housing Portfolio (SSHP) owners and their accountants/auditors in the conversion of the financial reporting to comply with Generally Accepted Accounting Principles (GAAP). All SSHP owners will need to convert to GAAP accounting for audits beginning with fiscal year end 12/31/2017. Note: This notice does not apply to SSHP Limited Equity Cooperatives.
655Kpdf
FileSizeType
Found: 4  matches.  

 


 

Annual Management Plan (Budget) Requirements

 

The Elderly Housing Program requires developments to submit an Annual Management Plan, also referred to as a Budget.  The Annual Management Plan forecasts income, operating expenses as well as capital improvements for the housing development, so that the development and CHFA can project the development’s fiscal performance for the coming year.

 

  • What should be included in Annual Management Plans?

    In general, Annual Management Plans include the following information:

    • Board Resolution approving budget
    • Board signed Management Plan
    • A list of development personnel including their position, salary and hours worked
    • An updated Capital Needs Summary

     

    When an Annual Management Plan incorporates a rent increase, the following additional information is required:

    • Justification of need
    • Rent roll
    • Rent analysis
    • Meeting notice to residents and sign-in sheet
    • Minutes to the public meetings

 

  • When are Annual Management Plans due?

    Management Plans must be submitted to CHFA at least 60 days prior to the new fiscal year. 

     

  • In what format should Annual Management Plans be submitted?

    Management Plans must be submitted in the CHFA approved Microsoft Excel format.  Management Plan cover sheets must be printed, signed and sent by US mail, or electronically uploaded to CHFA.

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

     

  • Where should the Annual Management Plan be sent?

    Developments should send their Management Plans directly to their CHFA Asset Manager.

 

Management Plan DocumentsFound: 2  matches.  
FileSizeType
CHFA Multifamily Housing Financial Reporting - Budgets, Interims and Capital Improvement Schedule
This workbook is used by developments with CHFA Multifamily Mortgages to project their Annual Operating Budgets and their Capital Improvements for the coming year. HM 6-12, HM 6-12(a) and HM 6-12(d) are required for the budget submission. HM 6-10 is required for Interim Statement submission.
11400Kxlsm

State-Sponsored Housing Portfolio - Form 6-12LEC - Management Plan for Limited Equity Co-ops
This management plan form provides an estimate of average annual income and expense for a Limited Equity Co-op within the State-Sponsored Housing Portfolio. This form is submitted annually to CHFA.
168Kxls
FileSizeType
Found: 2  matches.  

 


 

Quarterly Financial Report Requirement

 

The Elderly Housing Program requires developments to submit Quarterly Financial Reports that must meet guidelines set forth in the DECD Accounting Manual.  These reports enable CHFA to monitor a development’s cash flow every three months and compare it to the development’s management plan.

 

  • What should be included in a Quarterly Financial Report?

    Quarterly Financial Reports include the following items:  

    • Balance Sheet of Assets
    • Balance Sheet of Liabilities and Equities
    • Operating Statement
    • Administrative Fund Summary of Charges
    • Administrative Fund Analysis of Retained Earnings
    • Sponsor Affidavits

 

  • When are Quarterly Financial Reports due?

    Quarterly Financial Reports must be submitted to the CHFA Asset Manager assigned to the development within 30 days from the end of the development’s reporting period.

     

  • In what format should Quarterly Financial Reports be submitted?

    Quarterly Financial Reports must be submitted in the CHFA approved Microsoft Excel format.  The Quarterly Affidavit page must be printed, signed and sent by US mail or electronically uploaded to CHFA.

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

     

  • Where should Quarterly Financial Reports be sent?

    Developments should send their Quarterly Financial Reports directly to their CHFA Asset Manager.

 

Financial Report DocumentsFound: 1  matches.  
FileSizeType
State-Sponsored Housing Portfolio - Affidavit for Financial Statements
This legal statement is signed by designated officers of a housing program within the State-Sponsored Housing Portfolio and attests to the truth and accuracy of the financial information concerning that housing program.
16Kpdf
FileSizeType
Found: 1  matches.  

 

Insurance Requirements

 

The Elderly Housing Program requires developments to maintain appropriate levels of insurance.  The types and levels of required coverage vary by development.   Proof of adequate, continuing coverage must be sent to CHFA on an annual basis when the policies are changed or renewed.

 

  • What should be included as proof of insurance coverage? 

    Proof of insurance is established by providing CHFA with a Certificate of Liability Insurance and a separate Evidence of Property Insurance Certificate.  In addition, CHFA must be endorsed as “Additional Insured” on the General Liability Coverage and “Loss Payee" or “Mortgagee” on the Property Coverage.  An “Agent’s Policy Change Request” or Binder will operate as an acceptable form of evidence of these endorsements until the actual endorsement is issued and presented to CHFA.

    All insurance policies for which CHFA has an insurable interest must list CHFA as the Certificate Holder on each certificate as follows: 

    Mailing Address:
    Connecticut Housing Finance Authority - A.T.I.M.A.
    Attn: Robin Salafia
    999 West Street
    Rocky Hill, Connecticut 06067

 

  • When is proof of Insurance coverage due?

    Proof of insurance is due upon insurance renewal or changes in coverage, agent or ownership.

     

  • In what format should proof of insurance coverage be sent?

    The preferred format for proof of insurance is a PDF file.

     

  • Where should proof of insurance coverage be sent? 

    Developments may submit proof of insurance by email or by US mail to:  

    Email:robin.salafia@chfa.org

    Mailing Address:
    Connecticut Housing Finance Authority - A.T.I.M.A.
    Attn: Robin Salafia
    999 West Street
    Rocky Hill, Connecticut 06067

    Please note:  Proof of insurance may not be submitted by fax.

 

Insurance DocumentsFound: 2  matches.  
FileSizeType
State-Sponsored Housing Portfolio - Insurance Requirements for Housing Authorities
This summary from DECD/DOH and CHFA sets forth the insurance requirements for Housing Authorities within the State-Sponsored Housing Portfolio that have not been subordinated to a CHFA Funding Program
78Kpdf

State-Sponsored Housing Portfolio - Insurance Requirements for Non-Profit & For-Profit
This summary from DECD/DOH and CHFA sets forth the insurance requirements for Non-Profit and For-Profit owners of developments within the State-Sponsored Housing Portfolio that have not been subordinated to a CHFA Funding Program
79Kpdf
FileSizeType
Found: 2  matches.  

 

Replacement, Maintenance & Reserve Requirements

 

The Elderly Housing Program requires developments to maintain a Replacement, Maintenance, and Reserve Escrow Account at or above CHFA-specified minimum thresholds.  This minimum is $1000 per unit for elderly developments or such balances as may be reflected in the CHFA Capital Needs Distribution Schedule.

Please note:  HUD-insured developments must follow the HUD policies and procedures pertaining to minimum balances.


 

Tenant Profile Submission Requirement

 

CHFA reports on the demographics of affordable housing developments to the Connecticut Legislature each year to demonstrate the effectiveness of state-financed Elderly Housing Programs statewide.  The Tenant Profile Submission (TPS) represents the means by which CHFA collects this information.

 

  • What should be included in Tenant Profile Submissions?

    Tenant Profile Submission Reports should include all demographic data related to the occupants of a development as of September 30th of the current year. The type of data required in a TPS includes income, family size, age, ethnic affiliation, head-of-household status and disability status, among others.

 

  • When are Tenant Profile Submissions due?

    The Tenant Profile Submission report is required annually. CHFA notifies developments of the due date each year.

     

  • In what format must Tenant Profile Submission Reports be submitted?

    Tenant Profile Submissions must be saved in the Microsoft Excel spreadsheet formatted by CHFA for each development.

     

  • Where should Tenant Profile Submission Reports be sent?

    Tenant Profile Submissions must be submitted through a SharePoint site.

 

TPS DocumentsFound: 1  matches.  
FileSizeType
Setting up your Microsoft Account for TPS/Waiting List Survey
These are the instructions for setting up your Microsoft Account for TPS/Waiting List Survey.
156Kpdf
FileSizeType
Found: 1  matches.  

 

Lease Requirements

 

The Elderly Housing Program requires developments to utilize leases that meet the requirements of Connecticut General Statutes 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.


 

Policy Requirements

 

The Elderly Housing Program requires developments to maintain written policies and procedures that comply with the DECD Accounting Manual, the CHFA-DECD Housing Manual, the Connecticut General Statutes and federal and state Fair Housing laws.    


 

Miscellaneous Annual Reporting Requirements

 

The Elderly Housing Program requires developments to submit various miscellaneous reports to CHFA each year, including:  

    • Waiting List Survey
    • Agency Update
    • Property Information
    • State Housing Portfolio directories

 

Miscellaneous Requirements DocumentsFound: 4  matches.  
FileSizeType
State-Sponsored Housing Portfolio - Agency Update
This form requires owners of developments within the State-Sponsored Housing Portfolio to provide detailed information on their developments to CHFA every year.
50Kdoc

State-Sponsored Housing Portfolio - Form 10-5 - Profit Non-Profit Owners Directory
This form must be submitted annually to CHFA with current contact information for the owner/sponsor, site administrator, accountant, auditor and management agent of a for-profit or non-profit development within the State-Sponsored Housing Portfolio.
50Kxls

State-Sponsored Housing Portfolio - Form 10-1 - Housing Authority's Directory
This form must be submitted annually to CHFA with current contact information for the Local Housing Authority Commissioner concerning any development within the State-Sponsored Housing Portfolio.
46Kxls

State-Sponsored Housing Portfolio - Property Information
This form requires Housing Authorities with developments within the State-Sponsored Housing Portfolio to provide detailed information on their developments to CHFA every year.
90Kxls
FileSizeType
Found: 4  matches.  

 

Questions? Contact CHFA.

 

For additional assistance, developments subject to the Elderly Housing Program requirements should contact their Asset Manager directly.   

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