As used in this act:
1. “Governing body” means the city council of a city, the board of trustees of a town or the board of county commissioners of a county;
2. “Housing reinvestment district” means a district created pursuant to the provisions of Section 5 of this act; and 3. “Taxing entity” means a municipality, county, school district, political subdivision or other local entity which levies ad valorem taxes.