The authority:
(1) May participate in any state or federal programs of low and moderate income housing assistance and community development; and
(2) For this purpose may:
(i) Enter into and perform a contract or agreement with the state, the United States, or a federal agency;
(ii) Develop or operate a housing project if approval by ordinance or resolution is obtained from the governing body and chief elected official of the local jurisdiction where the housing project is located;
(iii) Act as a public housing agency within the meaning of the federal law and as an authority within the meaning of state law; and
(iv) Do anything necessary or convenient for its participation.