PART XIVLOANS FOR ACQUISITION OR IMPROVMEENT OF HOUSING

Local authority mortgages

435Power of local authorities to advance money.

1

A local authority may advance money to a person for the purpose of—

a

acquiring a house,

b

constructing a house,

c

converting another building into a house or acquiring another building and converting it into a house, or

d

altering, enlarging, repairing or improving a house,

or for the purpose of facilitating the repayment of an amount outstanding on a previous loan made for any of those purposes.

2

The authority may make an advance notwithstanding that it is intended that some part of the premises will be used, or continue to be used, otherwise than as a dwelling if it appears to the authority that the principal effect of making the advance would be to meet the applicant’s housing needs; and in such a case the premises shall be treated as a building to be converted into a house.

3

The authority may make advances whether or not the houses or buildings are in the authority’s area.

4

An advance may be made in addition to assistance given by the authority in respect of the same house under any other Act or any other provision of this Act.