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(1)Subject to the provisions of this Act, the Secretary of State shall undertake to make, and make, in respect of each new house completed after the seventh day of March, nineteen hundred and forty-four, by way of housing accommodation for the agricultural population provided by a local authority under Part III of the [15 & 16 Geo. 5. c. 15.] Act of 1925 in accordance with proposals approved by the Secretary of State, payment to that local authority of an annual contribution for a period of sixty years.
(2)An annual contribution under this section shall be of such amount as the Secretary of State may, with the sanction of the Treasury, determine, so however that the annual contribution shall not be less than twenty-one pounds ten shillings or exceed thirty-five pounds ; and in determining the amount of the annual contribution payable by him under this section the Secretary of State shall take into consideration the cost of providing the house, the rent which it will be practicable to obtain therefor, the expenditure already incurred or to be incurred by the local authority under the enactments relating to housing, and the general financial resources of the local authority:
Provided that where the Secretary of State is satisfied that the annual expenditure likely to be incurred by the local authority in respect of any house is, in consequence of the remoteness of the site thereof from centres of supply of building labour and material, substantially greater than the equivalent of forty-one pounds ten shillings per annum for sixty years, the annual contribution shall be of such greater amount as the Secretary of State may, with the sanction of the Treasury, determine.
(3)No contribution shall be payable under this section in respect of any house in respect of which a contribution is payable under section one of this Act.
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