In addition to any powers set forth elsewhere, an authority has the powers set forth in this section. An authority may: sue and be sued; have and alter a seal at pleasure; have perpetual existence; make contracts and other instruments necessary or convenient to the exercise of the authority’s powers; make, amend, and repeal bylaws, rules, and regulations not inconsistent with this Division II; and carry out the purposes of the authority. An authority may also: prepare, carry out, acquire, own, lease, and operate housing projects in its area of operation; provide for the construction, reconstruction, improvement, alteration, or repair of a housing project; provide directly or arrange or contract for a person or governmental unit to furnish facilities or services, including drug rehabilitation, elderly or child day care, and other social services for or in connection with: a housing project; or the residents of a housing project; and notwithstanding any other law, require in a contract in connection with a housing project that the contractor and any subcontractors comply with: requirements about minimum wages and maximum hours of labor; and any conditions that the State or federal government attaches to financial aid for the housing project. An authority may also: make rent subsidy payments to or on behalf of persons of eligible income; rent out houses, accommodations, lands, buildings, structures, or facilities in a housing project; subject to the limitations contained in this Division II, establish and revise the rents or charges; own, hold, and improve real and personal property; purchase, lease, obtain options on, or acquire by gift, grant, bequest, devise, or otherwise any real or personal property; sell, lease, exchange, transfer, assign, pledge, or dispose of any real or personal property; insure or provide for the insurance of real or personal property or operations of the authority against any risks or hazards; and get from the State or federal government insurance or guarantees of payment of debts secured by mortgages on property in any of its housing projects, whether or not the debts are incurred by the authority. When an authority has money that is held in a reserve or sinking fund or is not needed for immediate disbursement, the authority may invest the money in property or securities in which savings banks may invest. An authority may purchase its bonds at not more than their principal amount and accrued interest, all bonds so purchased to be canceled. An authority may also: investigate living and housing conditions in its area of operation and ways to improve those conditions; determine where: economically depressed or physically deteriorated areas exist; or there is a shortage of decent, safe, and sanitary housing for persons of eligible income; make studies and recommendations on clearing, replanning, and reconstructing economically depressed or physically deteriorated areas and providing housing for persons of eligible income; cooperate with the State or a political subdivision to solve the problems set forth in this subsection; and conduct research, studies, and experiments on housing issues. Acting through one or more of its commissioners or designees, an authority may also: examine, investigate, hear testimony, and take evidence at public or private hearings on any matter material to its duties; make findings and recommendations about any property where conditions pose a danger to the public health, morals, safety, or welfare; and make those findings and recommendations available to appropriate governmental units, including those that in its area of operation have the duty to: abate or require the correction of nuisances or like conditions; or demolish unsafe or unsanitary structures. An authority may also establish and control nonprofit entities, including corporations, partnerships, and limited liability companies, that may own, operate, and take steps necessary or convenient to develop or otherwise undertake housing projects in the authority’s area of operation. In the manner provided under Title 12 of the Real Property Article or any other applicable statutory law, an authority may also acquire by eminent domain real property that the authority considers necessary for its purposes under this Division II, if: the authority adopts a resolution declaring that the acquisition of the real property is necessary for those purposes; and the legislative body and the chief elected official approve. Subject to subparagraph (ii) of this paragraph, property devoted to a public use may similarly be acquired by eminent domain. Real property that belongs to the State or a political subdivision may not be acquired without the consent of the State or the political subdivision. An authority may also: borrow money and accept grants and other financial assistance from the political subdivision, the State, and the federal government and accept grants from nongovernmental sources for a housing project in its area of operation; take over, lease, or manage a housing project or undertaking constructed, financed, or owned by the political subdivision, the State, or the federal government; and comply with conditions and enter into mortgages, trust indentures, leases, and agreements as may be necessary or desirable.