PART XIII GENERAL FINANCIAL PROVISIONS

Housing subsidy

422C1Calculation of housing subsidy for local housing authorities.

1

The amount of the housing subsidy payable to a F1F2development 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 F3corporation for that year.