(1)No application for a grant under section 50 of the [1988 c. 50.] Housing Act 1988 (housing association grant) may be made after the commencement of this subsection.
(2)No application for a grant under section 51 of that Act (revenue deficit grant) may be made after the commencement of this subsection except by an association which had such a deficit as is mentioned in that section for any of the years beginning 1st April 1994, 1st April 1995 or 1st April 1996.
(3)Section 52 of that Act (recovery, &c. of grants) is amended as follows—
(a)in subsection (2)(c), for “to pay to it” substitute “to apply or appropriate for such purposes as the Corporation may specify, or to pay to the Corporation,”;
(b)in the closing words of subsection (2), for the words from “requiring” to “interest on that amount” substitute “may require the application, appropriation or payment of an amount with interest”;
(c)in subsection (7), for the words from “requiring” to “to the Corporation” substitute “requiring the application, appropriation or payment of an amount with interest”;
(d)in subsection (8)(a), for the words from “the amount” to “is paid” substitute “the principal amount is applied, appropriated or paid”;
(e)in subsection (8)(b), for “that amount is so paid” substitute “the principal amount is so applied, appropriated or paid”.
(4)In section 53 of that Act (determinations by Corporation), for subsection (2) (requirement of approval of Secretary of State and, in the case of a general determination, consent of the Treasury) substitute—
“(2)The Corporation shall not make a general determination under the foregoing provisions of this Part except with the approval of the Secretary of State.”
(5)In section 55(1) of that Act (surplus rental income: cases in which section applies), omit paragraph (a).
(6)Any reference in sections 50 to 55 of that Act to registration as a housing association shall be construed after the commencement of section 1 of this Act (the register of social landlords) as a reference to registration as a social landlord.
(1)The Secretary of State may, after consultation with a housing association, determine to commute any payments of special residual subsidy payable to the association under paragraph 2 of Part I of Schedule 5 to the [1985 c. 69.] Housing Associations Act 1985 for the financial year 1998-99 and subsequent years.
(2)Where the Secretary of State makes such a determination the payments of special residual subsidy payable to a housing association shall be commuted into a single sum calculated in such manner, and payable on such date, as the Secretary of State may consider appropriate.
(3)If after a commuted payment has been made to a housing association it appears to the Secretary of State that the payment was smaller or greater than it should have been, the Secretary of State may make a further payment to the association or require the association to repay to him such sum as he may direct.
(4)The Secretary of State may delegate to the Housing Corporation, to such extent and subject to such conditions as he may specify, any of his functions under this section and, where he does so, references to him in this section shall be construed accordingly.