(1) An authority may acquire real property or interests in real property by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper.

(2) An authority may accept transfers of real property or interests in real property from political subdivisions upon such terms and conditions as agreed to by the authority and the political subdivision.

(3) An authority may convey, exchange, sell, transfer, grant, release and demise, pledge, and hypothecate any and all interests in, upon, or to real property of the authority.

(4) An authority shall hold all property acquired in its own name and shall maintain all of its real property in accordance with the laws and ordinances of the jurisdiction in which the real property is located.

(5) An authority shall not own or hold real property located outside the boundaries of the district which it oversees and manages.

(6) An authority shall not rent or lease any of its real property for residential use.