(a) Notwithstanding any provision of any law to the contrary, the real property acquired, operated and maintained by any Authority under the provisions of this act, shall not be subject to any local ordinances or State laws relating to minimum requirements of construction and repair under building codes, plumbing and inspection laws, and any other laws relating to the erection and maintenance of buildings for dwelling purposes.

(b) The State Board of Housing shall, as soon as practical after the passing of this act, establish, by regulation, minimum safety and health requirements for real property acquired by authorities under the provisions of this act. In establishing such minimum requirements, the State Board of Housing shall take into consideration the temporary and emergency nature of the real property for which such regulations are to be established. All real property purchased, or otherwise acquired by an Authority, shall conform to such minimum requirements.