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CHFA Multifamily Mortgage Program

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CHFA offers qualifying developers low-interest mortgage loans to help finance their affordable multifamily housing developments in Connecticut. Owners and management agents of CHFA-financed multifamily properties must comply with operating rules and restrictions that are designed to ensure the long-term provision of high quality, affordable housing. Recipients of CHFA Multifamily Mortgage loans are required to regularly provide CHFA with documentation that demonstrates their compliance with specific financial, insurance, property, tenant and lease requirements.

CHFA Multifamily Mortgage loans are subject to the Regulatory Agreement and all other Loan Documents.

Some of the Compliance Reporting Requirements are as follows:

  • Audited Annual Financial Statement (AFS) must include Balance Sheet, Income Statement, Statement of Cash Flows, Statement of Owner's Equity, Notes to the Financial Statements, Signed Independent Auditor's Reports (Compliance, Internal Controls, Federal & State Program, etc.), Schedule of Findings (if applicable), Auditee's Corrective Action Plan (if applicable), Signed Owner/Sponsor Certification, Signed Management Agent Certification (if applicable), and CHFA's Supplemental Reports. Note: A pdf copy of the AFS and supplemental forms excel workbook must be sent to CHFA at afs@chfa.org.
  • Annual Budgets All instructions and requirements are contained on the first worksheet of the workbook. All submissions should be uploaded to CHFA via our secured portal.
  • Interim Statement of Operations (Monthly or Quarterly) are prepared using the CHFA-DOH Budget-Interim Workbook file that was prepared for that budget period. All instructions and requirements are contained on the first worksheet of the workbook. All submissions should be uploaded to CHFA via our secured portal.
  • Insurance Requirements CHFA requires developments in which CHFA has an interest to maintain appropriate levels of insurance. The types and levels vary depending on whether or not there is construction or renovations occurring at the development and/or if the development is occupied. For additional information please contact Robin Salafia at 860-571-4345 or robin.salafia@chfa.org.
  • Leases pertaining to properties with Multifamily Mortgage loans must comply with all relevant state and federal statutes and fair housing laws. Borrowers are required to submit a letter from their attorney attesting to the legality and enforceability of their lease. Please note: HUD subsidized developments must use the form of lease prescribed by HUD. CHFA further requires that developments with market rate units and/or developments that receive Section 8 housing assistance payments include specific lease amendments.
  • Management Plan, Resident Selection Plan and Marketing Plan CHFA requires owner and/or management agents to produce these plans when developments first receive CHFA loan approvals in order to ensure the equal and fair treatment of anyone applying to reside in a CHFA-financed development.  In addition, these plans must be updated when policies are renewed or adopted and/or when a new management agent is contracted. Please note: HUD subsidized Resident Selection Plans must meet all the requirements outlined in the HUD Handbook on Occupancy Requirements of Subsidized Multifamily Housing Programs.
  • Weekly Marketing Reports are required from new Multifamily Mortgage loan borrowers while leasing up their developments. Marketing materials, such as newspaper and Internet advertisements, are required to contain the following language:
    “Financed by Connecticut Housing Finance Authority, Equal Opportunity Housing.”
Questions? Contact your CHFA Asset Manager.

Financial

AFS_FAQs

AFS FAQs
This is a list of Frequently Asked Questions about CHFA's Audited Annual Financial Statement Reporting Requirements.

CHFA-DOH_Budget-Interim_Workbook

CHFA - DOH Budget-Interim Workbook
This workbook is used by developments to project their Annual Operating Budgets and their Capital Improvements for the coming year. It is also used for submitting Interim Statements.

SSHP_Conversion_Manual_-_Acctg._Guide

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.

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CHFA Annual Financial Statement Workbook
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 populate automatically. (Updated 12/31/2017)

Insurance

Lease Addendums

HM_8-15_Amendment_to_Subsidized_Lease

CHFA - HM 8-15 - Amendment to Subsidized Programs
If CHFA is your Contract Administrator (CA) you must attach an executed copy of this amendment to each HUD model lease.

HM_9-15_Amendment_To_Lease

CHFA – HM 9-15 – Amendment to Lease
This is a lease amendment required for developments financed with CHFA mortgage loans if CHFA is not the Contract Administrator for the development.

Mgmt. Plans & Mktg. Docs.

B-7--AM_Policy_Mgmt_Plan

CHFA – Management Plan Outline
These instructions provide an outline of the Management Plan for implementing and meeting the affordable housing objectives of a housing development.

B-7--AM_Policy_Mkt.Plan

CHFA - Marketing Plan Outline
These instructions provide an outline of the Marketing Plan for marketing and outreach activities of a housing development.

B-7--AM_Policy_Res.Selection

CHFA - Resident Selection Plan Outline
These instructions provide an outline of the Resident Selection Plan for selecting eligible and responsible residents for a housing development.

HM_9-30_Weekly_Marketing_Report

CHFA - Weekly Marketing Report
This fillable pdf form is used by a property manager to report how occupancy is progressing with a development which is renting-up.

 
 
 
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