A. Any locality may by ordinance provide for the creation of a community revitalization fund for the purpose of preventing neighborhood deterioration in such locality. The community revitalization fund shall be composed of appropriated local moneys.
B. Any such community fund established pursuant to this section shall be used for one or more of the following purposes:
1. Loans or grants to for-profit and nonprofit organizations for the construction, renovation, or demolition of residential structures in the locality;
3. Acquisition of blighted structures in accordance with § 36-49.1:1.
C. Such ordinance shall establish (i) qualifying income guidelines for participants and the communities in which community revitalization funds may be expended and (ii) criteria for participation by for-profit and nonprofit organizations that may be eligible for loans or grants pursuant to the provisions of this section.