(a) A housing authority may do all things necessary or desirable to secure the financial aid or cooperation of the federal government in the undertaking, construction, maintenance, or operation of a housing project by the authority, including:

1. (1) borrowing money or accepting grants or other financial assistance from the federal government for or in aid of a housing project;
2. (2) taking over, leasing, or managing a housing project or undertaking constructed or owned by the federal government; and
3. (3) complying with any conditions and entering into any mortgages, trust indentures, leases, or other agreements that are necessary or desirable under this subsection.

(c) Notwithstanding subsections (a) and (b), a housing authority may not incur any indebtedness to the federal government, or to any other public or private agency, that matures more than fifty (50) years after letting of contracts for the projects.

[Pre-Local Government Recodification Citation: 18-7-11-20.]

As added by Acts 1981, P.L.309, SEC.37.