(1)An area may not be declared to be a renewal area unless,—
(a)the area contains not less than a specified minimum number of dwellings;
(b)of the dwellings in the area, not less than a specified proportion are privately owned;
(c)such conditions as may be specified with respect to the physical condition of the dwellings in the area and the financial circumstances of those living in the area are fulfilled; and
(d)such other conditions as may be specified are fulfilled;
and in this subsection “specified” means specified by directions made by the Secretary of State.
(2)For the purposes of subsection (1)(b) above, a dwelling is privately owned unless a freehold or a leasehold interest in it is held by—
(a)a local authority;
(b)a new town corporation;
(c)an urban development corporation;
(d)a housing action trust; or
(e)the Development Board for Rural Wales.
(3)Expressions used in paragraphs (a) to (d) of subsection (2) above have the meaning assigned by section 4 of the [1985 c. 68.] Housing Act 1985.
(4)In this section “dwelling” includes a house in multiple occupation.