Housing Act 1961

Dwellings completed before April, 1964

2 (1) This paragraph applies to any dwelling completed before the first day of April, nineteen hundred and sixty-four.

(2) The amount of the local authority's deficit as ascertained under section four of this Act (with any reduction required under the next following sub-paragraph) shall be compared with the product in their area for the financial year preceding that in which the dwelling was completed—

(a) of a rate of one shilling and threepence in the pound, and

(b) of a rate of two shillings and sixpence in the pound, and

(c) of a rate of three shillings and ninepence in the pound,

and if the amount of the deficit (with any reduction so required) exceeds the said product of a rate of one shilling and threepence in the pound, then, subject to paragraph 1 of this Schedule, a sum shall be added under this Schedule to arrive at the annual exchequer subsidy, and its amount shall be that specified in the following Table.

TABLE

Where the amount of the deficit (with any reduction so required)—	Sum to be added—
exceeds the product of a rate of one shilling and threepence, but not of a rate of two shillings and sixpence.	five pounds
exceeds the product of a rate of two shillings and sixpence, but not of a rate of three shillings and ninepence.	ten pounds
exceeds the product of a rate of three shillings and ninepence.	sixteen pounds

(3) If for the local authority's area for the financial year preceding that in which the dwelling was completed, the product of a penny rate is less than the standard penny rate product as defined in section five of the Local Government Act, 1958 (which authorises the payment of Rate-deficiency Grants), then (to exclude from grant under Part I of this Act what would be met out of Rate-deficiency Grants) the last foregoing sub-paragraph shall apply with the amount of the deficit reduced by—

(a) dividing by the said standard penny rate product, and

(b) multiplying by the said product of a penny rate.

For the purposes of this sub-paragraph the said standard penny rate product, as defined in the said section five, and the said product of a penny rate, shall be taken as notified by the Minister to the local authority together with the latest estimate of Rate-deficiency Grant which the Minister, in accordance with regulations made under the Local Government Act, 1948, for the purposes of the said section five, notifies to the local authority before the end of the year preceding that in which the dwelling was completed.