The governing body may:
1. Contract directly with a contractor for the rehabilitation of the property of a qualified applicant.
2. Establish a panel of contractors who have agreed to provide continuing maintenance at a discount to property rehabilitated pursuant to this chapter.
3. Use for the purposes of this chapter any money made available to it for housing for persons having low or moderate incomes under state or federal law, if permitted by the terms of the state or federal law.
4. Accept gifts, grants, loans and bequests of money for the purposes of this chapter.