An agency may:
1. From time to time prepare plans for the improvement, rehabilitation and redevelopment of blighted areas.
2. Disseminate redevelopment information.
3. Accept financial or other assistance from any public or private source, for the agency’s activities, powers and duties, and expend any funds so received for any of the purposes of this chapter.
4. For each neighborhood within the redevelopment area, create a residential plan for the neighborhood or appoint an advisory council for redevelopment and delegate the authority to create the residential plan to the advisory council. A residential plan created by an advisory council must be approved by the agency, and each residential plan created pursuant to this subsection must include a financing plan.
5. Include in its budget all money received from any source, including, without limitation, money received from a local government for use by an advisory council in carrying out a residential plan approved by the agency.