Every regional housing authority, in addition to other powers conferred by the Regional Housing Law, shall have, if authorized by resolution of its board of commissioners, the power to create nonprofit corporations to carry out the powers and duties set forth in Section 11-3A-7 N.M. Stat. Ann.. The articles of incorporation and bylaws, and any subsequent changes, shall be recommended for approval by the New Mexico mortgage finance authority. Such nonprofit corporations shall be subject to all of the duties and limitations imposed on the regional housing authority and its board of commissioners.