(1)The amount of an improvement grant shall be such amount as may be fixed by the local authority when they approve the application for the grant, but shall not exceed—
(a)one half of the approved expense of the works, nor
(b)subject to subsection (3) of this section, the limit imposed by or under subsection (2) of this section.
(2)The limit is the amount or, if the application relates to more than one dwelling, the aggregate of the amounts, applicable under the following paragraphs, that is to say.—
(a)£1,000, or such other amount as may be prescribed, if the dwelling is improved by the works or is provided by them otherwise than mentioned in paragraph (b) of this subsection ; and
(b)£1,200, or such other amount as may be prescribed, if the dwelling is provided by the conversion of a house or other building consisting of three or more storeys.
(3)The limit imposed by or under subsection (2) of this section may be exceeded by such amount as the Minister may approve, if the local authority are satisfied in a particular case that there are good reasons for fixing a higher amount; and the approval of the Minister may be given either with respect to a particular case or with respect to a class of case.
(4)For the purposes of this section, where an improvement grant is to be paid towards the cost of works required for the provision of a dwelling all or part of which is in the basement of a building the basement shall count as a storey.