(1)The amount of the housing subsidy payable to a [F1[F2development] corporation] for a year (the year of account) shall be calculated from the amounts which, in accordance with sections 423 to 425, are the [F1corporation’s]—
(a)base amount (BA),
(b)housing costs differential (HCD), and
(c)local contribution differential (LCD),
for the year, and shall be so calculated by using the formula BA+HCD-LCD.
(2)If the amount so calculated is nil or a negative amount, no housing subsidy is payable to the [F3corporation] for that year.
Textual Amendments
F1Words substituted by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 194(1), Sch. 11 paras. 77(3), 78(1)
F2Words in s. 422(1) substituted (1.12.2008) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2008 (S.I. 2008/3002), art. 4, Sch. 1 para. 12 (with Sch. 2); S.I. 2008/3068, arts. 1(2), 2(1)(b) (with arts. 6-13)
F3Word substituted by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 194, Sch. 11 paras. 77(3), 78(2)
Modifications etc. (not altering text)
C1Ss. 421–427A: by Local Government and Housing Act 1989 (c. 42, SIF 61), s. 79(3) it is provided that sections 421 to 427A of the Housing Act 1985 (which are superseded, in their application to local housing authorities, by that section 79 and sections 80 and 86 of that 1989 Act) shall cease to apply in relation to such authorities