It is the intention of this subchapter to permit municipal and county government in the State of Arkansas to participate fully in the Community Development Act of 1974, specifically, but not limited to, community development activities eligible for assistance in section 105 of it, and to have their governing bodies exercise any and all powers conferred on housing authorities and urban renewal agencies, including, but not limited to:
(1) Eminent domain;
(2) Redevelopment activities;
(4) Public housing;
(5) Urban renewal; and
(6) Community development in its broadest sense.