Section 356D-12 - Development of property; additional powers(a) Notwithstanding any other law to the contrary, whenever the bids submitted for the development or rehabilitation of any housing project authorized pursuant to this chapter exceed the amount of funds available 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 the authority's participation, if any, shall not exceed the amount of funds available for the project; and(2) If the agreement is with a nonbidder, the scope of the project under agreement shall remain the same as that for which bids were originally requested.(b) For purposes of this section, "housing project" shall have the same meaning as that term is defined in section 356D-11.Amended by L 2022, c 251,§ 4, eff. 7/7/2022. L 2006, c 180 , pt of §2 .