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 Limited Equity Cooperative Program was designed to offer deferred or low-interest loans, loans and/or grants to non-profit corporations that develop or own low- to moderate- income housing. Residents must contribute their labor, make a cash contribution, or both, in order to become a cooperative member. 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 Limited Equity Cooperative Program is subject to relevant state of Connecticut statutory regulations, as well as the provisions of the Loan Documents and/or Assistance Agreement(s), applicable between the owner and CHFA. All operating expenses must be paid from the carrying charges collected from the residents.
Some of the Compliance Reporting Requirements are as follows:
Questions? Contact your CHFA Asset Manager.
Financial
AFS Reporting Handbook
This is a list of Frequently Asked Questions about CHFA's Audited Annual Financial Statement Reporting Requirements.
CHFA Annual Financial Statement Workbook
This excel workbook contains a Financial Input worksheet which feeds the required Supplemental Forms HM 6-50, HM 6-51A or HM 6-51B (whichever is applicable) and HM 6-52. When used by a DOH Congregate development, the Input sheet will also populate automatically. (Rev. 11/2023 Effective FYE 12/31/2023)
SSHP - Affidavit for Financial Statements
This legal statement is signed by designated officers of the Limited Equity Co-operative within the State-Sponsored Housing Portfolio and attests to the truth and accuracy of the financial information concerning that development.
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.
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.
Insurance
Annual Misc.