Part IIHousing Associations
Grants: functions of Corporation
51Revenue deficit grants
1
The Housing Corporation or, as the case may be, Housing for Wales may make a grant to a registered housing association if—
a
in relation to all housing activities of the association,
b
in relation to housing activities of the association of a particular description, or
c
in relation to particular housing activities of the association,
the association’s expenditure as calculated by the Corporation concerned for any period (including a period which is wholly or partly a future period) exceeds its income as so calculated for that period.
2
In calculating an association’s expenditure or income for the purposes of subsection (1) above, the Housing Corporation or, as the case may be, Housing for Wales—
a
shall act in accordance with such principles as it may from time to time determine; and
b
may act on such assumptions (whether or not borne out or likely to be borne out by events) as it may from time to time determine.
3
Subsections (2) and (3) of section 50 above shall apply for the purposes of this section as they apply for the purposes of that section.