(a) A municipality that adopts an urban land bank demonstration program shall operate the program in conformance with an urban land bank demonstration plan.
(b) The governing body of a municipality that adopts an urban land bank demonstration program shall adopt a plan annually. The plan may be amended from time to time.

(c) In developing the plan, the municipality shall consider other housing plans adopted by the municipality, including the comprehensive plan submitted to the United States Department of Housing and Urban Development and all fair housing plans and policies adopted or agreed to by the municipality.
(d) The plan must include the following:
(1) a list of community housing development organizations eligible to participate in the right of first refusal provided by Section 379C.011;
(2) a list of the parcels of real property that may become eligible for sale to the land bank during the upcoming year;
(3) the municipality’s plan for affordable housing development on those parcels of real property; and
(4) the sources and amounts of funding anticipated to be available from the municipality for subsidies for development of affordable housing in the municipality, including any money specifically available for housing developed under the program, as approved by the governing body of the municipality at the time the plan is adopted.