(a)      If elected in accordance with § 1-203(b)(7) of this title, an authority shall have the following powers within its area of operation to the extent authorized by its articles of organization, subject to such conditions, restrictions, or other limitations as may be provided for in the articles:

            (1)      To make mortgage loans and mortgage subsidy payments to or for the benefit of persons of eligible income;

            (2)      To make construction loans and long-term mortgage loans to any person, firm, partnership, association, joint venture, or corporation, public or private, in order to produce housing for persons of eligible income;

            (3)      To purchase mortgages secured by housing for persons of eligible income;

            (4)      Subject to any restrictions contained in any applicable agreement with the State or federal government or any other party, to permit up to the percentage designated by the articles of organization, which may not exceed 80 percent, of the residents of any housing project or any portion thereof financed by the authority to have incomes above the levels established for persons of eligible income;

            (5)      To acquire, develop, construct, rehabilitate, own, operate, and lease (either as lessor or lessee) commercial facilities on the site of a housing project which make an economic or social contribution to the housing project, provided that the commercial facilities are intended substantially for the use and benefit of the tenants of the housing project and the intended use by other persons is incidental;

            (6)      Subject to the approval of the legislative body and the chief elected official of the local jurisdiction, to acquire, develop, construct, rehabilitate, own, operate, and lease (either as lessor or lessee) commercial facilities:

                  (i)      Adjacent to the site of a housing project; or

                  (ii)      Which are not intended substantially for the use and benefit of the tenants of the housing project and are intended for use by persons other than the tenants of the housing project on more than an incidental basis; and

            (7)      To act and invest as a general partner and as a limited partner in housing projects.

      (b)      The authorization of powers by subsection (a) of this section shall not be construed as limiting the powers granted to authorities by other titles in this article.