(a) A political subdivision or a housing authority may exercise a right of first purchase under this subtitle and may develop, acquire, improve, own, operate, and manage a rental housing project acquired under the right of first purchase and do all things necessary or convenient to exercise these rights.

(b) In any rental housing project purchased under a right of first purchase under this subtitle and owned or managed by a housing authority authorized under Division II of this article, this subtitle supersedes:

(1) §§ 12-401, 12-402, and 12-405 of this article; and

(2) all otherwise applicable restrictions on tenant income under Division II of this article.