(1)A development corporation shall be deemed to be a housing association within the meaning of the [26 Geo. 5. & 1 Edw. 8. c. 51.] Housing Act, 1936, and accordingly arrangements may be made under section ninety-four of that Act for the provision by such a corporation of any housing accommodation which a local authority are empowered to provide under that Act.
(2)For the purposes of the [9 & 10 Geo. 6. c. 48.] Housing (Financial and Miscellaneous Provisions) Act, 1946, the Minister of Health may approve any house provided by a development corporation otherwise than in pursuance of such arrangements as aforesaid as if it were a house provided by a local authority, and in respect of any house so approved the Minister of Health may, if he thinks fit, pay to the corporation, out of moneys provided by Parliament, sums not exceeding the annual exchequer contributions which would be payable under that Act if the house had been provided by such an authority.
(3)Where, in pursuance of any agreement or order made under the subsequent provisions of this Act, a house provided by a development corporation, being a house in respect of which an annual exchequer contribution is for the time being payable under section ninety-four of the Housing Act, 1936, or under subsection (2) of this section, is transferred to a local authority within the meaning of the said Act, then—
(a)the said contribution shall cease to be payable as aforesaid; and
(b)the Minister of Health may, if he thinks fit, pay to the local authority, out of moneys provided by Parliament, sums not exceeding the annual exchequer contributions which would be payable in respect of the house if it had not been so transferred.