(a) (1) (A) If the governing body of each of two (2) or more municipalities declares, by resolution, that there is a need for one (1) housing authority for all of the municipalities to exercise in the municipalities the powers and other functions prescribed for a housing authority, a public body corporate and politic to be known as a consolidated housing authority, with such corporate name as it selects, shall thereupon exist for all of the municipalities and exercise its powers and other functions within its area of operation, as defined in this section, including the power to undertake projects in it. Thereupon, any housing authority created for any of the municipalities shall cease to exist except for the purpose of winding up its affairs and executing a deed of its real property to the consolidated housing authority.

(B) The creation of a consolidated housing authority and the finding of need for it shall be subject to the same provisions and limitations of §§ 14-169-101 -- 14-169-106, 14-169-223, 14-169-224, 14-169-226, 14-169-228, 14-169-237, 14-169-238, 14-169-301 -- 14-169-319, 14-169-401, and 14-169-501 -- 14-169-503 applicable to the creation of a regional housing authority, and all of these provisions applicable to regional housing authorities and their commissioners shall be applicable to consolidated housing authorities and their commissioners.

(2)

(A) The area of operation of a consolidated housing authority shall include all of the territory within the boundaries of each municipality joining in the creation of the authority, together with the territory within five (5) miles of the boundaries of each municipality.

(B)

(i) An area of operation may be changed to include or exclude any municipality with its surrounding territory in the same manner and under the same provisions as provided in §§ 14-169-101 -- 14-169-106, 14-169-223, 14-169-224, 14-169-226, 14-169-228, 14-169-237, 14-169-238, 14-169-301 -- 14-169-319, 14-169-401, and 14-169-501 -- 14-169-503 for changing the area of operation of a regional housing authority by including or excluding a contiguous county.

(ii) For all such purposes:

(a) The term "county" shall be construed as meaning "municipality";

(b) The term "governing body" in §§ 14-169-308 -- 14-169-310 shall be construed as meaning "mayor or other executive head of the municipality"; and

(c) The terms "county housing authority" and "regional housing authority" shall be construed as meaning "housing authority of the city or town" and "consolidated housing authority," respectively, unless a different meaning clearly appears from the context.

(b)

(1) The governing body of a municipality for which a housing authority has not been created may adopt the resolution as prescribed in this section if it first declares that there is a need for a housing authority to function in the municipality.

(2) The declaration shall be made in the same manner and subject to the same conditions as the declaration of the governing body of a city required by § 14-169-207 for the purpose of authorizing a housing authority created for a city to transact business and exercise its powers.

(c) Except as otherwise provided in this section, a consolidated housing authority and the commissioners of it shall have, within the area of operation of the consolidated housing authority, the same functions, rights, powers, duties, privileges, immunities, and limitations as those provided for housing authorities created for cities, counties, or groups of counties and the commissioners of such housing authorities, in the same manner as though all the provisions of law applicable to housing authorities created for cities, counties, or groups of counties were applicable to consolidated housing authorities.