(1)Where, in the case of any local housing authorities to whom no housing subsidy is payable for the year beginning 1st April 1989, houses or other property within their respective Housing Revenue Accounts—
(a)are disposed of in that year, or
(b)are in that year the subject of such other transactions as the Secretary of State may determine,
residual debt subsidy shall be payable for that year to those authorities in respect of costs relating to the houses or other property.
(2)Residual debt subsidy shall be paid by the Secretary of State at such times, in such manner and subject to such conditions as to records, certificates, audit or otherwise as he may, with the agreement of the Treasury, determine.
(3)Payment of residual debt subsidy shall be subject to the making of a claim for it in such form, and containing such particulars, as the Secretary of State may from time to time determine.
(4)Residual debt subsidy paid to a local housing authority shall be credited to the authority’s Housing Revenue Account and, accordingly, for the year beginning 1st April 1989 the reference to housing subsidy in item 3 in Part I of Schedule 14 to the [1985 c. 68.] Housing Act 1985 shall be taken to include a reference to residual debt subsidy.