# Housing Act 1985, Paragraph 1


(1) Transitional town development subsidy is payable each year, subject to the following provisions of this Part of this Schedule, to a sending authority to whom town development subsidy under section 9 of the Housing Finance Act 1972 was payable for the year 1974-75; and the amount of the subsidy, subject to the following provisions of this Schedule, is the amount of town development subsidy payable to the authority for the year 1974-75.
(2) The subsidy is payable for the credit of the sending authority’s general rate fund.

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Source: https://www.legislation.gov.uk/ukpga/1985/68/schedule/15/part/IV/crossheading/transitional-town-development-subsidy/paragraph/1 (the official version)
Page: https://openlegislation.uk/housing-act-1985/schedule-15/part-IV/crossheading-transitional-town-development-subsidy/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.