(a) A neighborhood development project, as undertaken and administered by the corporation, shall consist of urban renewal project undertakings and activities in one or more urban renewal areas that are planned and carried out on the basis of annual increments in accordance with 42 U.S.C. 1469 — 1469c (secs. 131 — 134, Title I, Housing Act of 1949), as amended.
(b) The corporation shall adhere to the provisions of AS 18.55.480 — 18.55.960 in its planning and carrying out of a neighborhood development project.