Part III The Housing CorporationSocial Housing in Wales

Relevant Authority’s powers with respect to grants and loans

83 Power to guarantee loans.

F1(1)

The Welsh Ministers may guarantee the repayment of the principal of, and the payment of interest on, sums borrowed by registered social landlords or unregistered self-build societies.

(2)

A guarantee may be subject to terms and conditions.

F2(3A)

The aggregate amount outstanding in respect of—

(a)

loans for F3which the Welsh Ministers (or National Assembly for Wales, Secretary of State or Housing for Wales) have given a guarantee under this section, and

(b)

payments made F4by the Welsh Ministers (or National Assembly for Wales, Secretary of State or Housing for Wales) in meeting an obligation arising by virtue of such a guarantee and not repaid F5to the Welsh Ministers (or National Assembly for Wales, Secretary of State or Housing for Wales),

shall not exceed £30 million or such greater sum not exceeding £50 million F6as the Welsh Ministers may specify by order.

F7(4)

An order under subsection (3A)—

(a)

shall be made by statutory instrument, and

(b)

shall not be made unless, a draft of the order has been laid before, and approved by a resolution of, the National Assembly for Wales.