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Compliance
Reporting Requirements
Moderate Rental
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 Moderate Rental Housing Program was designed to offer
low-interest loans, and/or grants to developers and owners
of low and moderate- income rental housing. Recipients of
funds under this program are required to regularly provide
CHFA and/or DECD with documentation that demonstrates their
compliance with specific financial, insurance, property,
tenant and lease requirements.
The Moderate Rental Housing Program is subject to relevant
state of Connecticut statutory requirements and regulations as well as the provisions of
loan documents and/or
Assistance Agreement(s) between the owner and the CHFA.
Follow the links below to learn more about the compliance
rules under the Moderate Rental Housing Program.
Audited Annual Financial Statement Reporting
Requirements
The Moderate Rental Housing
Program requires developments to
submit an Audited Annual Financial Statement to either CHFA. 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.
- 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 |
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Mailing Address:
Department of Economic and Community Development
505 Hudson Street
Hartford, Connecticut 06106 |
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| Annual Financial Statement Documents | Found: 1
matches.
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| File | Size | Type | State-Sponsored Housing Portfolio - Form 6-10-Balance Sheet Operating Statement
This form is used by any housing program within the State-Sponsored Housing Portfolio to meet quarterly financial reporting requirements which are due no later than 30 days after the end of each quarter. It may also supplement the 12-month audit report, which is due six months after a development's year-end. | 813K | xls | | File | Size | Type |
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Annual Management Plan (Budget) Requirements
The Moderate Rental 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 by electronic
mail in PDF format.
Mailing Address:
Connecticut Housing Finance Authority
Attn: [Your Asset Manager]
999 West Street
Rocky Hill, Connecticut 06067 |
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| Management Plan Documents | Found: 3
matches.
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Quarterly Financial Report Requirement
The Moderate Rental
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.
| Financial Report Documents | Found: 2
matches.
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Insurance Requirements
The Moderate Rental
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: Corinne Nocida
999 West Street
Rocky Hill, Connecticut 06067 |
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| Insurance Documents | Found: 2
matches.
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Replacement, Maintenance & Reserve Requirements
The Moderate Rental
Housing Program requires
developments to maintain a
Replacement, Maintenance,
and Reserve Escrow Account
at or above
CHFA-specified minimum
thresholds. This
minimum is $1500 per unit
for family 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.
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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 Moderate
Rental 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.
| TPS Documents | Found: 5
matches.
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Lease Requirements
The Moderate Rental
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.
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Miscellaneous Annual Reporting Requirements
The Moderate Rental
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 Documents | Found: 5
matches.
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Questions? Contact CHFA.
For additional
assistance, developments
subject to the Moderate
Rental 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 |
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