§ 27. In addition to the powers conferred by other provisions of this Act, an authority
shall have power to borrow money or accept grants or other financial assistance from
the Federal government for or in aid of any project, to procure or agree to the procurement
of insurance or guarantees from the Federal government of the payment of any bonds
or parts thereof issued by such Authority, including the power to pay premiums on
any such insurance, to purchase, take over, lease or manage any housing facilities,
project or undertaking constructed or owned by the Federal government (notwithstanding
Section 10 of this Act), and to these ends, to comply with such conditions and enter
into such trust indentures, leases or agreements as may be necessary, convenient or
desirable. It is the purpose and intent of this Act to authorize every Authority to do any
and all things necessary or desirable to secure the financial aid or cooperation of
the Federal government in the purchasing, acquiring, constructing, maintaining, operating,
improving, extending and repairing of housing projects, in rehabilitating existing
structures for purposes of making available additional dwelling units, and in the
assembly of improved and unimproved property for development or redevelopment purposes
by either public or private agencies.
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