In addition to its other powers, an operating agency may plan and undertake the rehabilitation of dwellings within the limits of an urban renewal project area, and structures of mixed residential and commercial use and may acquire by purchase, deed or grant or take by eminent domain, hold, improve, rent, lease for a period not in excess of five years, with options to lessees or tenants to purchase during such five-year period, grant, sell, convey, as condominiums or otherwise, or deliver possession, of such property in accordance with such terms and conditions as it may determine, and shall have the power to make mortgage loans for the purpose of financing the rehabilitation of dwellings and structures of mixed residential and commercial use within an urban renewal project area, subject to such regulations as the department may make as to interest rates, maturity dates and other terms and conditions.
A rehabilitation project shall be any work or undertaking involving the rehabilitation of a dwelling or dwellings including structures of a mixed residential and commercial use in an urban renewal project area so as to provide decent, safe and sanitary housing; such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, site preparation or improvement.