(a) There are validated, ratified, confirmed, approved, and declared legal in all respects, the following:
(1) The creation and establishment of the Virgin Islands Housing and Urban Renewal Authority (or of its predecessor agencies), together with all proceedings, acts and things undertaken, performed or done with reference thereto (including the appointment of commissioners, officers and employees).
(2) All bonds and other obligations of the Virgin Islands Housing Finance Authority (or of its predecessors) heretofore issued with the approval of the Federal Government for the purpose of financing or assisting in carrying out housing or urban renewal or urban redevelopment projects.
(3) All contracts, agreements, and undertakings of the Virgin Islands Housing Finance Authority (or of its predecessors) heretofore entered into with the approval of the Federal Government relating to the financing or assistance for the development, construction, maintenance, operation, and carrying out of any housing or urban renewal or urban redevelopment projects, or to obtaining Federal aid therefor, including, without limitation, loan and annual contributions contracts, loan and grant contracts, leases and contracts with the Federal Government, agreements with municipalities or other public bodies (including agreements that are pledged or to be pledged) for the protection of the holders of any bonds or other obligations of the Virgin Islands Housing Finance Authority, or which are otherwise made a part of the contracts with such holders of bonds or other obligations, relating to cooperation, contribution, grants, or other local participation in aid of housing or urban renewal or urban redevelopment projects, payments (if any) in lieu of taxes, furnishing of community services and facilities, and the elimination of unsafe and insanitary dwellings and of slums, and the contracts for the construction or operation of housing or urban renewal or urban redevelopment projects.
(4) All proceedings, actions, and things undertaken, carried out, or performed by the Virgin Islands Housing Finance Authority (or its predecessors) for the purpose described in this section, including all proceedings, acts and things undertaken, carried out, or performed by any municipality of the Virgin Islands or any other public or governmental agency of the Virgin Islands for the same purposes, and to facilitate cooperation with and assistance by the Federal Government.
(b) The validation effected by this section shall be in full force regardless of any want of statutory authority or administrative or procedural irregularity, but shall not extend to any malfeasance or misfeasance unrelated to public purposes of the Virgin Islands Housing Finance Authority (or its predecessors) on the part of any person associated with it.