Section 44A. Notwithstanding any other provision of this chapter, a housing authority, in addition to its other powers and for the purpose of replacing dwelling units or said other housing units subject to regulations promulgated by the department of community affairs not inconsistent with the standards required for dwelling units for persons and families of low income which will be eliminated through the demolition, clearance, sale or other disposition of low rent housing projects or to provide relocation housing for persons and families of low income and elderly persons of low income displaced thereby, may lease dwelling units or said other housing units in projects financed by the MHFA for a period not to exceed forty years from the completion of such MHFA project, as determined by the department. The requirements with respect to rentals and tenant selection for low rent housing projects shall apply to units leased by such housing authorities pursuant to this section, except that preference shall be given to displaced occupants of the low rent housing projects so demolished, cleared, sold or otherwise disposed of.