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(1)The provisions of this and the three next following sections shall have effect for the purpose of the payment of Exchequer contributions in respect of each new house completed after the commencement of this Act—
(a)by a local authority in the exercise of their power to provide housing accommodation, or by a development corporation otherwise than in pursuance of authorised arrangements, and in respect of which the proposals after mentioned, accompanied by such information as is required by the Secretary of State as to the estimated cost of erection of the house, were or are received by the Secretary of State on or after the first day of August, nineteen hundred and fifty-six, or
(b)by a housing association in pursuance of authorised arrangements made on or after the said first day of August,
by way of housing accommodation provided in accordance with proposals approved by the Secretary of State for the purposes of this Part of this Act :
Provided that if the Secretary of State is satisfied that the substantial effect of any authorised arrangements made as mentioned in paragraph (b) of this subsection had been agreed upon between the parties before the said first day of August those arrangements shall be deemed for the purposes of this subsection to have been made before that day.
(2)References in this Part of this Act to an approved house are references to a new house which is provided in accordance with the foregoing subsection.
(3)Any Exchequer contribution payable under this Part of this Act or under section eighty-seven of the principal Act as read with this Part of this Act—
(a)in respect of an approved house such as is mentioned in paragraph (a) of subsection (1) of this section shall be paid to the local authority or, as the case may be, to the development corporation ;
(b)in respect of an approved house such as is mentioned in paragraph (b) of that subsection shall be paid to the local authority, who shall pay to the housing association by way of annual grant an amount not less than the Exchequer contribution.
(4)No contribution shall be payable under subsection (1), (2), (3), (4) or (5) of section eighty-four of the principal Act in respect of any house which is, or, if the Secretary of State had approved or were to approve the relevant proposals, would be, an approved house.
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