Regulation 25 Housing component of participant authority

(1)

In this regulation—

“excluded housing arrangement” means an excluded arrangement which is a housing arrangement;
“housing arrangement” means a credit arrangement entered into for any purpose for which expenditure incurred and charged to a revenue account would have been required, under Part VI of the 1989 Act, to be charged to a Housing Revenue Account or Housing Repairs Account;
“relevant day” means the last day of the financial year immediately preceding the financial year in which, in relation to any credit arrangement, the vesting day falls; and
“relevant housing arrangement” means a relevant arrangement which is a housing arrangement.

(2)

Any reference in this regulation to the housing component of a participant authority shall be construed as a reference to that authority’s housing component on the relevant day.

(3)

Where the rights and liabilities under a relevant housing arrangement are vested in a participant authority, or a participant authority and any other local authority or the Residuary Body jointly and severally, the participant authority’s housing component shall be adjusted by—

(a)

adding to it an amount equal to the determined amount for the arrangement in question; and

(b)

deducting from it an amount equal to the aggregate of T and U as determined for the arrangement in question.

(4)

Where the rights and liabilities under an excluded housing arrangement are vested in a participant authority, or a participant authority and any other local authority or the Residuary Body jointly and severally, the participant authority’s housing component shall be adjusted by deducting from it an amount equal to the aggregate of R, T and U determined for the arrangement in question.