Any eligible project that conforms to the standards and requirements of P.L. 1998, c. 128(C.55:14K-72 et seq.) and the regulations promulgated pursuant thereto is hereby declared to be a public work in furtherance of the housing policy of this State, and any contribution of property, money or services in furtherance of such a program by a unit of local government shall be deemed an expense or cost incurred in furtherance of a public purpose.
N.J.S. § 55:14K-80