2(1)Special residual subsidy is payable to a housing association in accordance with the following provisions in respect of dwellings which—E+W+S
(a)were approved by the Secretary of State for the purposes of Part I of the M1Housing Subsidies Act 1967 before 10th August 1972, and
(b)were completed during the year 1972-73, 1973-74 or 1974-75.
(2)A housing association is entitled to special residual subsidy for a financial year if—
(a)it was entitled by virtue of section 73 of the Housing Finance Act 1972 to special residual subsidy for any of the years 1972-73, 1973-74 or 1974-75, and
(b)it has continued to be entitled to special residual subsidy, under that section or this Schedule, for each succeeding financial year up to and including that immediately before the year in question.
(3)The amount of special residual subsidy payable to an association for any year is the amount (if any) by which the special residual subsidy payable for the previous year exceeds the reduction factor.
(4)Subject to any direction of the Secretary of State under paragraph 4(2), the reduction factor is the sum produced by multiplying £20 by the number of dwellings satisfying the description in sub-paragraph (1).
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