finance or undertake, wholly or partly, the setting up of the new or satellite towns;

subscribe to the debentures and bonds to be issued by the State Housing (and/or Urban Development) Boards, Improvement Trusts, Development Authorities etc. specifically for the purpose of financing housing and urban development programmes;

finance or undertake the setting up of industrial enterprises of building material;

administer the moneys received, from time to time, from the Government of India and other sources as grants or otherwise for the purposes of financing or undertaking housing and urban development programmes in the country, and

set up HUDCO's own Mutual Fund for the purpose o Housing and Urban Development programmes and/or invest in, and/or subscribe to the units etc. of Mutual Funds, promoted by the Government/Government Agencies for the above purpose.