1(1)Basic residual subsidy is payable to a housing association in accordance with the following provisions where the association received payments from the Secretary of State for the financial year 1971-72 under certain enactments under which, in accordance with the M1Housing Finance Act 1972, no payments were to be made for 1972-73 or any subsequent year.E+W+S
(2)A housing association is entitled to basic residual subsidy for a financial year if—
(a)it was entitled to basic residual subsidy under section 72 of the Housing Finance Act 1972 for the financial year 1972-73, and
(b)it has continued to be entitled to basic residual subsidy, under that section or this Schedule, for each succeeding financial year up to and including that immediately before the year in question.
(3)The amount of basic residual subsidy payable to an association for any year is the amount (if any) by which the basic residual subsidy payable for the previous year exceeds the withdrawal factor.
(4)Subject to any direction of the Secretary of State under paragraph 4(2), the withdrawal factor is the sum produced by multiplying £20 by the number of dwellings as at 31st March 1972 in respect of which the association’s subsidies for 1971-72 (as defined in section 72(4) of the Housing Finance Act 1972) were payable.
Marginal Citations