Section 1. The following words, as used in this act, shall have the following meanings:
"Housing Authority." Any housing authority created by the act, approved the twenty-eighth day of May, one thousand nine hundred and thirty-seven (Pamphlet Laws, nine hundred fifty- five), known as the "Housing Authorities Law."
"Project." Any work or undertaking to demolish, clear or remove buildings from any slum area.
"Slum." Any area in which there is a predominance of structures which, by reason of dilapidation, overcrowding, faulty arrangement or design, lack of ventilation, light or sanitary facilities, or any combination of these factors, are detrimental to safety, health and morals.