(a) A housing authority or an urban renewal agency authorized to carry on urban renewal or redevelopment activities in connection with the undertaking and carrying out of an urban renewal project may acquire real property in the urban renewal area, demolish improvements on it, relocate families from it, contract for loans and grants covering the financing of it, and take all appropriate actions, including, but not limited to, the disposition of the property, regardless of the stage of development of the urban renewal plan, if the municipal governing body shall have approved it by resolution.
(b) The municipal governing body may agree to assume the responsibility to bear any loss that may arise as the result of such acquisition in the event the property so acquired is not used for urban renewal purposes because the urban renewal plan for the project is not approved, is amended to omit any of the acquired property, or is abandoned for any reason.