(1) AUDITS.—A community development entity that issues an investment approved by the department as a qualified investment shall be deemed a recipient of state financial assistance under s. 215.97, the Florida Single Audit Act. However, an entity that makes a qualified investment or receives a qualified low-income community investment is not a subrecipient for the purposes of s. 215.97.

   (2) EXAMINATIONS.—The department may conduct examinations to verify compliance with the New Markets Development Program Act.

ss. 12, 15, ch. 2009-50; s. 201, ch. 2011-142.