Close-Out and Completion
PJs should have well-established procedures for closing out projects; and the state allocating agency will also have well-established close-out procedures. The LIHTC owner will have to satisfy the close-out requirements of both agencies. Typical closeout procedures include collecting: all permits, inspection reports, warranties, as-built drawings and other documentation of completion; and final disbursement records, releases of liens, and cost certification or project audit, as required. Cost certification is required by the LIHTC program.
Under HOME rules, a project must be closed out within 120 days of the final disbursement. A project is not completed for purposes of closing out the project in the Integrated Disbursement and Information System (IDIS) until it is fully occupied by income-eligible tenants. Chapter 4 discusses the process of closing out the project upon occupancy.
PJs also should use this opportunity to check in with all other funders to ensure that full compliance with all requirements has been achieved. Disputes with other funders can delay final closing or cause financial hardships.
Consulting Services We Provide
- Review public works preconstruction contracts
- Monitor DIR contractor/subcontractor certified payrolls
- Audit labor classification for each worker employed
- Review DIR pre-DAS 140/142 submissions
- Review CAC training fund contributions form CAC-2
- Review DIR Fringe Benefits Statement PW-26
- Monitor DIR wage determinations
- Audit fringe benefits allowances
- Review DIR holiday payment requirements
- Audit DIR travel & subsistence requirements
- Caltrans Labor Compliance
- County of Sacramento Labor Compliance
- City of Los Angeles Labor Compliance
- Los Angeles Unified School District Labor Compliance
- Federal Davis-Bacon Project Monitoring
- Federal DBE Implementation & Review
- Federal FAA AIP Goal Setting
- DIR & Davis-Bacon Training
- DIR Civil Wage Penalty Review
- Local-Hire Review (e.g., San Francisco)
- Skilled and Trained Workforce
Give us a call to discuss your labor compliance requirements.
This email is intended for general information purposes only and should not be construed as legal advice
or legal opinions on any specific facts or circumstances.