34.—(1) The Department 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 Department 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 paragraph (1), the Department—
(a)shall act in accordance with such principles as it may determine; and
(b)may act on such assumptions (whether or not borne out or likely to be borne out by events) as it may determine.
(3) [F1Paragraphs (4) and (5) of Article 33A] shall apply for the purposes of this Article as they apply for the purposes of that Article.
F1Words in art. 34(3) substituted (1.4.2007) by Housing (Amendment) (Northern Ireland) Order 2006 (S.I. 2006/3337 (N.I. 22)), arts. 1(3), 3, Sch. para. 5; S.R. 2007/37, art. 2