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Authorizing cities and counties to create and utilize public nonprofit corporations for the purpose of providing a means of financing the cost of residential ownership and development that will provide decent, safe, and sanitary housing for residents; defining terms; prescribing the procedures for the creation, organization, and dissolution of a corporation; prescribing the powers of a corporation; providing for the issuance, payment, security, and characteristics of a corporation's bonds; providing for exemption from taxation of properties of a corporation; enacting other provisions relating to the subject; providing for the cumulative effect of the act; providing a severability clauses; and declaring an emergency.