[F1Housing development]N.I.
31.—[F1(1) The Executive may construct houses for sale.
(1A) The Executive may, under Article 87, acquire land for the purpose of—
(a)paragraph (1); or
(b)disposing of the land to a person who intends—
(i)to construct houses on it,
(ii)to provide housing accommodation by the conversion, improvement, rehabilitation or repair of buildings on it, or
(iii)to use it for purposes which, in the opinion of the Executive are necessary or desirable for, or incidental to, the development of the land for housing purposes.]
(2) Where, in accordance with Article 88, the Executive sells or leases any houses constructed by it or disposes of any land for the purposes specified in[F1 paragraph (1A)( b)], it may impose such covenants and conditions in relation to the houses or land as it thinks fit.
(3) The power of the Executive to sell or lease houses under Article 88 shall include, and be deemed always to have included, power to grant an equity-sharing lease.
(4) Upon a sale or grant of a lease of a house under Article 88, the Executive may agree to the price or any premium being paid by way of instalments or to payment being secured by a mortgage of the premises.
(5) Where the Executive disposes of any land for the purposes of[F1 paragraph (1A)( b)], it may contribute or agree to contribute, towards the cost of developing the land.
(6) In this Article—
(a)“equity-sharing lease” means a lease of land, the general effect of which is to provide—
(i)that, in consideration for the granting of the lease, the lessee shall pay a capital sum, representing a part payment in respect of the cost of acquisition of the premises demised, and a rent; and
(ii)that the lessee may make additional part payments towards the said cost of acquisition and may exercise an option to purchase the whole or part of the lessor's reversion in the premises demised;
Sub‐para. (b) rep by 1997 NI 8