xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

Part IIIE+W+S The Housing Corporation

Modifications etc. (not altering text)

C1Pt. III (ss. 74-102) excluded (E.W.) (1.10.1996) by 1996 c. 52, s. 7, Sch. 1 para. 15(6); S.I. 1996/2402, art. 3 (subject to transitional provisions and savings in Sch.)

[F1Relevant Authority’s] powers with respect to grants and loansE+W+S

Textual Amendments

F1Words in Pt. III (ss. 74-102) substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 28(a) (with ss. 139(2), 143(2)); S.I. 1998/2244, art. 5

83 Power to guarantee loans.E+W+S

[F2(1)The Relevant Authority may guarantee the repayment of the principal of, and the payment of interest on, sums borrowed by registered social landlords or unregistered self-build societies; and the Housing Corporation may guarantee the repayment of the principal of, and the payment of interest on, sums borrowed by other bodies in which it holds an interest.]

[F3(1A)The consent of the Secretary of State given with the approval of the Treasury is required for the giving of a guarantee by the Housing Corporation and the approval of the Treasury is required for the giving of a guarantee by the Secretary of State.]

(2)Where the Corporation gives such a guarantee, it may impose such terms and conditions as it thinks fit.

(3)The aggregate amount outstanding in respect of—

(a)loans for which [F4the Housing Corporation] has given a guarantee under this section, and

(b)payments made by [F4the Housing Corporation] in meeting an obligation arising by virtue of such a guarantee and not repaid to [F4the Housing Corporation],

shall not exceed £300 million or such greater sum not exceeding £500 million as the Secretary of State may specify by order made with the approval of the Treasury.

[F5(3A)The aggregate amount outstanding in respect of—

(a)loans for which [F6the Secretary of State (or Housing for Wales)] has given a guarantee under this section, and

(b)payments made by [F6the Secretary of State (or Housing for Wales)] in meeting an obligation arising by virtue of such a guarantee and not repaid to [F6the Secretary of State (or Housing for Wales)],

shall not exceed £30 million or such greater sum not exceeding £50 million as the Secretary of State may specify by order made with the approval of the Treasury]

(4)An order under subsection (3) [F7or subsection (3A)] shall be made by statutory instrument and no such order shall be made unless a draft of it has been laid before and approved by the House of Commons.