(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.