Before exercising powers under Section 373.005, the governing body of the municipality must:
(1) identify areas of the municipality in which predominantly low and moderate income persons reside, that are blighted or slum areas, or that are federally assisted new communities;
(2) establish community development program areas in which community development activities, building rehabilitation, or the acquisition of privately owned buildings or land is proposed;
(3) adopt, by resolution or ordinance, a plan under which citizens may publicly comment on the proposed community development program;
(4) conduct public hearings on the proposed program before the 15th day before the date of its final adoption by the governing body; and
(5) adopt the community development program by resolution or ordinance.