(a)    In addition to the powers listed elsewhere in this Division II, the Prince George’s Authority may:

(1)    exercise all or any part of those powers to provide housing, housing rehabilitation, housing projects, integrally related commercial structures, and their financing for county residents;

(2)    exercise other functions and responsibilities required by the county, including community development; and

(3)    acquire and spend public money for any purpose authorized under this Division II, if the exercise of all powers of the Prince George’s Authority is in accordance with Prince George’s County law or a contract or contracts with Prince George’s County.

(b)    As required by Prince George’s County, the Prince George’s Authority annually shall issue a financial report for the previous fiscal year based on a certified audit.

(c)    Prince George’s County by local law may require the Prince George’s Authority to comply with budgetary, financial, personnel, and ethics procedures of the county.

(d)    With the approval of the Prince George’s County governing body, the Prince George’s Authority within its area of operation also may:

(1)    make construction loans and long-term mortgage loans to any person to produce housing under this title;

(2)    buy and insure mortgages secured by such housing; and

(3)    make or buy mortgage loans to help first-time homebuyers to buy existing homes, if:

(i)    the first-time homebuyers:

1.    are residents of the county;

2.    qualify based on income limits established by the Prince George’s Authority with the approval of the county governing body; and

3.    are buying housing determined to be decent, safe, and adequate according to standards adopted by the Prince George’s Authority; and

(ii)    the Prince George’s Authority determines that income from the assistance program will cover the costs of the program.

(e)    (1)    With the approval of the Prince George’s County governing body, the Prince George’s Authority within its area of operation may finance housing, housing rehabilitation, a housing project, or a continuing care facility authorized by this title by issuing and selling the bonds of any type.

(2)    Bonds that may be issued under this subsection include those on which the principal and interest are payable:

(i)    only from the income and revenues of the housing project or continuing care facility that is financed with the proceeds of the bonds or with both those proceeds and a federal grant;

(ii)    only from the income and revenues of designated housing projects whether or not they were financed wholly or partly with the proceeds of the bonds; or

(iii)    from its revenues generally.

(3)    A bond under this subsection may be secured by pledge of any revenue or a mortgage of a housing project, projects, or other property of the Prince George’s Authority.

(4)    Bonds of the Prince George’s Authority may be sold at public or private sale in the manner and on the terms that are authorized by resolution of the Prince George’s Authority.

(f)    This section does not preempt or supersede the regulatory authority of a State governmental unit under State law.