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 Mutual Housing Program was designed to offer low-interest loans and/or grants to developers and owners of low- to moderate- income rental housing. Recipients of funds under this program are required to regularly provide CHFA and/or DECD with documentation that demonstrates compliance with specific financial, insurance, property, tenant and lease requirements.
The Mutual Housing Program is subject to relevant Connecticut Regulations, as well as the provisions of the Assistance Agreement between the owner and the CHFA.
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 uploaded to CHFA via the AFS secured portal.
- Annual Budgets Note: All submissions should be uploaded to CHFA via our Budget / Interim secured portal.
- Interim Quarterly Statement of Operations Note: All submissions should be uploaded to CHFA via our Budget / Interim secured portal.
- Insurance Requirements For additional information please contact our Multifamily Insurance Servicing Group at email@example.com.
- Leases must meet the requirements of Connecticut General Statutes and regulations, 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.
- Miscellaneous Annual Reporting
- Replacement, Maintenance & Reserve Requirements
- Tenant Profile Submission (TPS) & Wait List Survey Requirements
Questions? Contact your CHFA Asset Manager.
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 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.
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.