(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.
History.—ss. 12, 15, ch. 2009-50; s. 201, ch. 2011-142.
1Note.—Expires December 31, 2022, pursuant to s. 15, ch. 2009-50.
Structure Florida Statutes
Chapter 288 - Commercial Development and Capital Improvements
Part XIII - New Markets Development Program Act (Ss. 288.991-288.9922)
288.9912 - New Markets Development Program; purpose.
288.9914 - Certification of qualified investments; investment issuance reporting.
288.9915 - Use of proceeds from qualified investments; recordkeeping.
288.9916 - New markets tax credit.
288.9918 - Annual reporting by a community development entity.
288.9919 - Audits and examinations; penalties.
288.9920 - Recapture and penalties.
288.9922 - Expiration of the New Markets Development Program Act.