Physical completion
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
(a)The date of physical completion shall mean the date, as certified by the local agency and concurred in by the commissioner, when every phase of the development of the project has been fully and satisfactorily completed so that the total development cost of the project can be determined. At this time, the commissioner will certify the final development cost and the amount of working capital, if any. Section 70 of the Public Housing Law provides that working capital cannot be in excess of two per cent of development cost or $100,000, whichever is less. When the project is declared physically completed, and the amount of working capital certified, the working capital shall be recorded by journal voucher, as follows:
Debit: Account 1300--Working Capital $XXX
Credit: Account 2560--Reserve for Working Capital $XXX
Note:
To record working capital as established by letter from Commissioner of Housing, dated _____, certifying physical completion of the project.
(b)The establishment of the working capital shall be implemented by closing out the development fund and transferring its assets (other than account 1400, Development Cost) to the administration fund. The development fund shall not thereafter be re-opened and transactions of a capital nature, otherwise chargeable to development cost, occurring after physical completion, shall be administration fund items classified as follows:
(1)Capital transactions after physical completion resulting in credits (e.g. sale of site land after physical completion) shall be classified as miscellaneous project income and credited to account 3590.
(2)Capital transactions after physical completion resulting in charges shall be classified as Operating Improvements, account 6210, if they qualify as such, or as Miscellaneous Losses, account 6100, if they do not qualify as operating improvements.