Connecticut Administrative Code
Title 8 - Zoning, Planning, Housing, Economic and Community Development
336q - State Housing Trust Fund Program
Section 8-336q-4 - Financials: reporting and access to records

(a) Following the commissioner's selection of an applicant to participate in the program, the applicant shall, as soon as possible following the completion of the development, but no later than three (3) months after the completion of the development, file with the department a bank statement showing the balance, if any, of unexpended funds for the development. Any such unexpended funds shown on said bank statement shall be immediately due and payable to the department for deposit into the Housing Trust Fund Account.

(b) Approved applicants shall be required to execute financial assistance documents which shall set forth, as part of their standard terms and conditions, the circumstances under which financial assistance may be revoked and the applicant may be declared in default by the department.

(c) Each applicant shall maintain all business and financial records for the development as required by the commissioner, including, but not limited to, complete and accurate books, records and contract documents.

(d) Each applicant shall furnish the commissioner with financial statements and other reports related to the program and housing development(s) financed in whole or in part, by such program, in such detail and at such times as the commissioner may require.

(e) At any time during the regular business hours, and as often as the commissioner may require, the commissioner or representatives of the commissioner shall be entitled to full and free access to accounts, records, books, documents or other records of any program, applicant, or development financed whole or in part by the Housing Trust Fund Program. Said access shall be consistent with section 8-336q(d) of the Connecticut General Statutes.

(f) An approved applicant shall be subject to audits of all development books and records in accordance with the department's standard procedures and guidelines which shall be made available on the department's website. Any funds which the audit reveals to have been improperly expended shall be immediately due and payable to the department for deposit in the Housing Trust Fund Account.