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.
This is a list of Frequently Asked Questions about CHFA's Audited Annual Financial Statement Reporting Requirements.
SSHP - Form 6-12LEC
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.
SSHP - Form 6-10LEC
This form contains semi-annual (January and July) financial information for any Limited Equity Co-Op Program within the State-Sponsored Housing Portfolio. This form must be submitted to CHFA no later than 30 days after the end of each semi-annual period.
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.