Paragraph 4

the amount of any housing increase in a local authority’s adjusted credit ceiling in a financial year shall be the amount, if any, by which their adjusted credit ceiling is increased during that year in accordance with paragraph 11(1) of Schedule 3 to the Act in respect of the housing use of any credit approvals other than credit approvals which fall within section 54(5); and

the amount of any housing reduction of a local authority’s adjusted credit ceiling in a financial year (“the year”) shall be the aggregate of–

if the year begins on 1st April 1990 and the housing component of the authority’s adjusted initial credit ceiling is a positive amount, 2 per cent. of that amount; or

if the year begins on or after 1st April 1991 and the housing component of the authority’s adjusted credit ceiling on the last day of the immediately preceding financial year is a positive amount, 2 per cent. of that amount; and

fall to be set aside under section 59(1) or 61(4) or under paragraph 7(2) of Schedule 3 to the Act in relation to the disposal of houses, dwellings or other property of the authority to which section 74(1) applied immediately before the disposal, or in the case of a disposal before 1st April 1990, to which section 74(1) would have applied if the disposal had been made on 1st April 1990; or

are set aside in accordance with a determination under section 50(3)(c) or 60(2) referring to a credit arrangement which is excluded for the purposes of paragraph 11(2) of Schedule 3 to the Act by virtue of regulation 22 and which is for a purpose for which, if expenditure had been incurred and charged to a revenue account, it would have been required, under Part VI of the Act, to be charged to their Housing Revenue Account or Housing Repairs Account.