Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 34 of chapter 121B of the General Laws, as appearing in the 1986 Official Edition, is hereby amended by adding the following two sentences:- Commencing with the first of January, nineteen hundred and eighty-seven, housing authorities which have received federal financial assistance may satisfy the requirements of the Single Audit Act of 1984, 31 USC 7501 et seq. by causing audits of its records to be made annually or biennially by an independent auditor to be selected by such housing authorities to conduct such audits. Any housing authority acting under the requirements of this section, which submits to the office of the state auditor an audit which the state auditor deems to be financially suspect, deficient, or inconsistent with prescribed standards set forth by the department shall cause an audit to be made of its accounts on an annual basis for the three successive years following the audit in question.