[§356D-12]  Development of property;additional powers.  Notwithstanding any other law to the contrary, wheneverthe bids submitted for the development or rehabilitation of any public housingproject authorized pursuant to this chapter exceed the amount of fundsavailable for that project, the authority, with the approval of the governor,may disregard the bids and enter into an agreement to carry out the project,undertake the project, or participate in the project under the agreement;provided that:

(1)  The total cost of the agreement and theauthority's participation, if any, shall not exceed the amount of fundsavailable for the project; and

(2)  If the agreement is with a nonbidder, the scopeof the project under agreement shall remain the same as that for which bidswere originally requested. [L 2006, c 180, pt of §2]