PART 7Housing
CHAPTER 3Housing finance
171Limits on indebtedness
1
The Secretary of State may from time to time make a determination providing for the calculation in relation to each local housing authority in England that keeps a Housing Revenue Account of—
a
the amount of housing debt that, at such time and on such assumptions as the Secretary of State may determine, is to be treated as held by the authority, and
b
the maximum amount of such housing debt that the authority may hold.
2
A determination under this section may, in particular, provide for all or part of an amount to be calculated in accordance with a formula or formulae.
3
A determination under this section may provide for assumptions to be made in making a calculation whether or not those assumption are, or are likely to be, borne out by events.
4
A determination under this section may be varied or revoked by a subsequent determination.
5
A local housing authority may not hold debt in contravention of a determination under this section.
6
In this section “housing debt”, in relation to a local housing authority, means debt—
a
which is held by the authority in connection with the exercise of its functions relating to houses and other property within its Housing Revenue Account, and
b
interest and other charges in respect of which are required to be carried to the debit of that account.