(1)Sections 422 to 425 (calculation of housing subsidy) apply in relation to new town corporations and the Development Board for Rural Wales as they apply in relation to local housing authorities, but subject to the following provisions of this section.
(2)In relation to a new town corporation—
(a)sections 424(2) and 425(2) (reckonable expenditure and income) have effect with the substitution for references to the authority’s Housing Revenue Account of references to the corporation’s housing account, and
(b)section 425(2)(a) (reckonable income to include rate fund contributions) has effect with the substitution for the reference to the authority’s general rate fund of a reference to the corporation’s general revenue account.
(3)In relation to the Board—
(a)sections 424(2) and 425(2) (reckonable expenditure and income) have effect with the substitution for references to the authority’s Housing Revenue Account of references to the Board’s housing account, and
(b)section 425(2)(a) (reckonable income to include rate fund contributions) has effect with the substitution for the reference to any contribution made by the authority out of their general rate fund of a reference to any contribution made by the Board out of revenue.
(4)The consultation required by section 424(4) or 425(5) (consultation before making general determinations) shall be with organisations appearing to the Secretary of State to be representative of new town corporations or, as the case may be, with the Developmental Board for Rural Wales.
(5)The Commission for the New Towns shall be treated as a separate body in respect of each of its new towns.