13.7 Administrative Completion Date

A. The Regional Center Director may advance the completion date to prevent unnecessary accumulation of soft costs when projects that are nearly complete face unnecessary delay.

B. The Regional Center Director may set an administrative completion date for any project when the monthly inspection reports show 95% completion of work and thereafter less than 2% increase in percentage of completion in any month.

C. The Regional Center Director will notify the Borrower, General Contractor, and Lender in writing of the administrative completion date and the following:

1. The administrative completion date is the effective date for cost certification except that all soft costs up to 60 days beyond this date may be included at the option of the Borrower.

2. The date of the balance sheet and operating statement must be the same as the cut-off date selected by the Borrower.

3. Liquidated/actual damages for cost certification purposes will be computed using the administrative completion date. However, the General Contractor is responsible for liquidated/actual damages through the date of substantial completion.

• D. Copies of the notification go to the HQ Docket, Office Docket, and Closing Attorney's file.