Leasehold Reform, Housing and Urban Development Act 1993

164 Financial assistance

(1) The consent of the Secretary of State is required for the exercise of the Agency’s power to give financial assistance; and such assistance—

(a) may be given by the Agency only in respect of qualifying expenditure; and

(b) may be so given on such terms and conditions as the Agency, with the consent of the Secretary of State, considers appropriate.

(2) Expenditure incurred in connection with any of the following matters is qualifying expenditure—

(a) the acquisition of land;

(b) the reclamation, improvement or refurbishment of land;

(c) the development or redevelopment of land, including the conversion or demolition of existing buildings;

(d) the equipment or fitting out of land;

(e) the provision of means of access, services or other facilities for land;

(f) environmental improvements.

(3) Financial assistance may be given in any form and may, in particular, be given by way of—

(a) grants;

(b) loans;

(c) guarantees; or

(d) incurring expenditure for the benefit of the person assisted;

but the Agency shall not in giving financial assistance purchase loan or share capital in a company.

(4) A consent under subsection (1) may be given only with the approval of the Treasury.

(5) The terms and conditions on which financial assistance is given may, in particular, include provision as to—

(a) the circumstances in which the assistance must be repaid, or otherwise made good, to the Agency, and the manner in which that is to be done;

(b) the circumstances in which the Agency is entitled to recover the proceeds or part of the proceeds of any disposal of land in respect of which the assistance was provided.

(6) Any person receiving financial assistance shall comply with the terms and conditions on which it is given and compliance may be enforced by the Agency.