PART XIII GENERAL FINANCIAL PROVISIONS

Housing subsidy

422Calculation of housing subsidy for local housing authorities.

(1)

The amount of the housing subsidy payable to a F1new town corporation for a year (the year of account) shall be calculated from the amounts which, in accordance with sections 423 to 425, are the F1corporation’s—

(a)

base amount (BA),

(b)

housing costs differential (HCD), and

(c)

local contribution differential (LCD),

for the year, and shall be so calculated by using the formula BA+HCD-LCD.

(2)

If the amount so calculated is nil or a negative amount, no housing subsidy is payable to the F2corporation for that year.