PART XIIIE+W GENERAL FINANCIAL PROVISIONS

Housing subsidyE+W

425The local contribution differential.E+W

(1)A [F1[F2development] corporation’s] local contribution differential for a year of account is the amount by which their reckonable income for that year exceeds their reckonable income for the preceding year (and accordingly is nil or, as the case may be, a negative amount if their reckonable income for the year is the same as or less than that for the preceding year).

(2)[F3A corporation’s] reckonable income for a year is the amount which, in accordance with any determination made by the Secretary of State, the [F4corporation] are assumed to receive for that year as income which they are required to carry to their [F3housing account] including—

(a)any contribution made by the [F4corporation] out of their [F3general revenue account], and

(b)any rent rebate subsidy payable under [F5[F6section 140A]of the Social Security Administration Act 1992],

but excluding any other subsidy, grant or contribution.

(3)A determination shall state the assumptions on which it is based and the method of calculation used in it, and in making it the Secretary of State shall have regard, amongst other things, to past and expected movements in incomes, costs and prices.

[F7(4)A determination may be made for all [F2development] corporations or different determinations may be made for different corporations or groups of corporations.]

(5)Before making a determination for all [F8[F2development] corporations] the Secretary of State shall consult organisations appearing to him to be representative of [F8[F2development] corporations].

(6)A determination shall be made known to the [F9corporations] for which it is made in the year preceding the year of account for which it is to have effect.