12.—(1) The Corporation may, after consultation with the Department, provide financial assistance for any body or person doing or intending to do in the designated area anything falling within paragraph (2).
(2) Financial assistance under paragraph (1) may be provided for—
(a)the promotion, development or regeneration of commercial, industrial or other economic activity;
(b)the improvement of the environment;
(c)the provision of housing;
(d)the provision of social, cultural, recreational or community facilities;
(e)the refurbishment or restructuring of buildings;
(f)any thing not falling within sub-paragraphs (a) to (e) which the Corporation considers will benefit the designated area.
(3) Financial assistance under paragraph (1) may include—
(a)grants;
(b)loans;
(c)guarantees;
(d)the taking of any interest in property or in a body corporate.
(4) Article 4 of the Social Need (Northern Ireland) Order 1986(1) shall apply to financial assistance under this Article as it applies to financial assistance under Article 3 of that Order, but with the substitution for references to the Department of references to the Corporation.