PART XIV LOANS FOR ACQUISITION OR IMPROVEMENT OF HOUSING

Local authority mortgages

435 Power of local authorities to advance money.

1

A local authority may advance money to a person for the purpose of—

a

acquiring a house,

b

constructing a house,

c

converting another building into a house or acquiring another building and converting it into a house, F1. . .

F1d

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

or for the purpose of facilitating the repayment of an amount outstanding on a previous loan made for any of those purposes.

F21A

A local authority which is not a local housing authority may advance money to a person—

a

for the purpose of altering, enlarging, repairing or improving a house, or

b

for the purpose of facilitating the repayment of an amount outstanding on a previous loan made for any of those purposes.

2

The authority may make an advance notwithstanding that it is intended that some part of the premises will be used, or continue to be used, otherwise than as a dwelling if it appears to the authority that the principal effect of making the advance would be to meet the applicant’s housing needs; and in such a case the premises shall be treated as a building to be converted into a house.

3

The authority may make advances whether or not the houses or buildings are in the authority’s area.

4

An advance may be made in addition to assistance given by the authority in respect of the same house under any other Act or any other provision of this Act.