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(1)There shall be payable to the Board in accordance with Parts I and II of Schedule 5 to this Act a subsidy, consisting of three elements, in respect of housing provided by the Board in any part of the area for which the Board is responsible.
(2)The three elements of the subsidy payable under this section (which correspond with elements in the housing subsidy payable to new town corporations under section 2 of the Housing Rents and Subsidies Act 1975) are—
(a)the basic element,
(b)the new capital costs element, and
(c)the high costs element.
(3)The subsidy payable under this section shall be payable for the credit of the housing account kept by the Board.
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