(a)

(1) The area of operation of a regional housing authority shall be decreased from time to time to exclude one (1) or more counties from the area if the governing body of each of the counties in the area and the commissioners of the regional housing authority each adopt a resolution declaring that there is a need for excluding a county from the area. However, no action may be taken pursuant to this section if the regional housing authority has outstanding any bonds or notes unless all holders of the bonds and notes consent, in writing, to the action.

(2)

(A) If such action decreases the area of operation of the regional housing authority to only one (1) county, the authority shall thereupon constitute and become a housing authority for the county, in the same manner, and with the same rights, powers, and immunities, as though the authority were created by and authorized to transact business and exercise its powers pursuant to § 14-169-207.

(B) The commissioners of such authority shall be thereupon appointed as provided in § 14-169-208 for the appointment of commissioners of a housing authority created for a county.

(b) The governing body of each of the counties in the area of operation of the regional housing authority and the commissioners of the regional housing authority shall adopt a resolution declaring that there is a need for excluding a county from the area only if:

(1) Each governing body of the counties to remain in the area of operation of the regional housing authority and the commissioners of the regional housing authority find that, because of facts arising or determined subsequent to the time when the area first included the county to be excluded, the regional housing authority would be a more efficient or economical administrative unit if that county were excluded from the area; and

(2) The governing body of each county to be excluded and the commissioners of the regional housing authority each also find that, because of the changed facts, another housing authority for the county would be a more efficient or economical administrative unit to function in the county.

(c)

(1) In all regional housing authorities in this state in which there is construction in only one (1) county, the governing body of that county shall have the power, if it deems it to be in the best interest of the county, to enter an order detaching the county from the regional housing authority.

(2) Upon the entry of such order, the county shall thereupon cease to be a part of the regional housing authority.

(d)

(1) All rights, contracts, agreements, obligations, and property, real and personal, of a regional housing authority shall be in the name of and vested in the county housing authority of the county when one shall have been created there under the provisions of § 14-169-318;

(2) All obligations of the regional housing authority shall thereupon be the obligations of the county housing authority; and

(3) All rights and remedies of any person against the regional housing authority may thereupon be asserted, enforced, and prosecuted against the county housing authority to the same extent as they might have been asserted, enforced, and prosecuted against the regional housing authority.