A wide range of community development activities shall be eligible for funding. These may include, but are not limited to:
I. The acquisition, rehabilitation, or expansion of housing.
II. The creation, expansion, or retention of employment through the stimulation of private investment and community revitalization.
III. The installation, rehabilitation, or replacement of public facilities.
IV. Activities that test the feasibility of innovative approaches to community development.
V. Activities that provide timely responses to unpredictable circumstances or special development opportunities.