The authority may, together with all powers incidental thereto or necessary for the performance thereof:
(1) Participate in the financing of HEAL loans;
(2) Purchase or participate in the purchase of HEAL loans;
(3) Sell or participate in the sale of HEAL loans;
(4) Collect and pay reasonable fees and charges in connection with making, purchasing and servicing or causing to be made, purchased or serviced HEAL loans;
(5) Do all things necessary and convenient to carry out the purposes of §§ 1-16A-65 to 1-16A-70, inclusive, in connection with the administering and servicing of HEAL loans, including contracting with any person, firm or other body public or private in respect thereof;
(6) Enter into agreements necessary to effect the guarantee, administering and servicing of HEAL loans; and
(7) Promulgate rules, establish standards for participation in the program administered by the authority under P.L. 94-484, and establish other administrative procedures consistent with P.L. 94-484.