Regulation 2(7)
SCHEDULE 2
Regulations 3(e) and 4
“SCHEDULE 5IIF
PART 1INTERPRETATION AND PURPOSE
Interpretation
1. In this Schedule—
“IIF” means Innovation and Investment Fund grant paid by a local authority to a grant recipient in respect of a project;
“project” means works undertaken by a grant recipient to provide affordable housing by providing, improving, adapting and repairing subjects;
“subsidiary” has the same meaning as in the Companies Act 2006(1) or, as the case may be, the Friendly and Industrial and Provident Societies Act 1968(2).
Purpose
2. The purpose of IIF is to assist with providing, improving, adapting and repairing affordable housing for social rent, mid market rent or shared equity.
PART 2CLASSES OF PERSON
3. The classes of person to whom local authorities may provide assistance by IIF are—
(a)RSLs; and
(b)subsidiaries of RSLs.
PART 3PROCEDURE TO BE FOLLOWED BY A LOCAL AUTHORITY
4. A local authority must ensure that—
(a)each grant applicant submits an application using the form to be specified by that local authority to enable it to undertake an appraisal of the proposed project;
(b)each grant applicant is made aware of any additional information requirements to those on the application form referred to in sub-paragraph (a) above;
(c)each grant applicant provides such information as is necessary to enable the local authority to confirm that the proposed project is compatible with local housing strategies;
(d)each grant applicant provides details of its organisational structure and legal status; and
(e)each grant applicant provides such evidence as the local authority may require regarding the grant applicant’s financial standing and ability to fund and complete any proposed project.
PART 4TERMS AND CONDITIONS ON WHICH ASSISTANCE IS PROVIDED
5. The terms and conditions on which IIF is provided are—
(a)the grant recipient must provide units for social rent, mid market rent or shared equity in accordance with the project and for no other purpose whatsoever;
(b)all units must be provided to the standards required by the local authority; and
(c)the grant recipient will provide quarterly progress reports to the local authority in the form to be specified by that local authority.
Default
6. The breach of any of the terms and conditions detailed in regulation 6 and paragraph 5 constitutes a default.
Effect of default
7. In the event of a default which is in the opinion of a local authority capable of being remedied, that local authority shall allow the grant recipient a period in which to remedy the default, said period being determined by that local authority on the basis of what it considers reasonable in the circumstances and that local authority shall serve a notice in writing on that grant recipient to that effect.
8. In the event of the grant recipient failing to remedy the default within said period determined by a local authority, the grant recipient shall be bound to repay any grant paid to the satisfaction of the local authority.
9. In the event of a default which is in the opinion of the local authority not capable of being remedied, the local authority shall make no further payment and where any grant has been paid, the grant recipient shall immediately repay that grant to the satisfaction of the local authority.”
1968 c.55; the Act will be re-named as the Co-operative and Community Benefit Societies and Credit Unions Act 1968 by section 2 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c.7), but this section is not yet in force.