(a) The Authority is empowered and authorized to participate in the programs of the Federal Government in the fields of urban renewal and urban planning, and related activities.
(b) In connection with such participation, and in addition to powers otherwise conferred by this chapter, the Authority is empowered and authorized (1) to enter into contracts and agreements of every kind and nature with the Federal Government for any purposes related to such programs, and shall comply with such contracts and any Federal rules, requirements, regulations and procedures, applicable to the programs; (2) to execute such mortgages, declarations or indentures of trust, leases, undertakings, or other agreements or documents of every nature, as may be necessary, or required by the Federal Government; and (3) otherwise to comply fully with any conditions imposed by the Federal Government upon participation by the Authority in such programs, it being the intent of this chapter to enable the Authority to do any and all things necessary to secure participation in the Federal programs, and Federal financial aid in such programs, and the cooperation of the Federal Government in the carrying out, undertaking, development, construction, maintenance, and operation of any project, in carrying out the functions of the Authority and in achieving the policies and purposes of this chapter, and to assure strict compliance by the Authority with any conditions imposed by the Federal Government.
(c) Further in connection with such participation, the Authority is also empowered and authorized to borrow money, receive contributions or grants, and accept other forms of financial assistance from or through the facilities or guarantees of the Federal Government, and may accept, and shall comply with such conditions as the Federal Government may impose upon, or attach to its financial aid.
(d) Further in connection with such participation, the Authority shall agree to and shall comply with any conditions imposed by the Federal Government relating to the wages and hours of labor, and labor standards, in the development or administration of projects, and shall include in any contract awarded or entered into in connection with any project covenants that the contractor and all subcontractors shall comply with all requirements as to wages and hours of labor and labor standards.