Part 1The Homes and Communities Agency

Chapter 3Financial provision

Powers to give financial assistance

19Financial assistance

(1)

The HCA F1or a strategic authority outside London may, with the consent of the Secretary of State, give financial assistance to any person.

F2(1A)

But the HCA F3or a strategic authority outside London must not give financial assistance in contravention of a direction given by the Regulator of Social Housing under section 100G.

(2)

Financial assistance under this section may be given in any form.

(3)

Financial assistance under this section may, in particular, be given by way of—

(a)

grants,

(b)

loans,

(c)

guarantee or indemnity,

(d)

investment, or

(e)

incurring expenditure for the benefit of the person assisted.

(4)

Financial assistance under this section may be given on such terms and conditions as the HCA F4or a strategic authority outside London considers appropriate (including provision for repayment, with or without interest).

(5)

The objects of the HCA are not to be read as preventing the HCA from exercising functions in relation to financial assistance (whether under this section or otherwise) which—

(a)

are transferred to the HCA from the Housing Corporation by virtue of this Act, or

(b)

would supersede functions of the Housing Corporation,

in ways corresponding to those in which the Housing Corporation could have exercised its functions.

F5(5A)

A strategic authority outside London may only exercise the functions conferred by this section for the purposes of, or for purposes incidental to the objectives of—

(a)

improving the supply and quality of housing in the area of the strategic authority;

(b)

securing the regeneration or development of land or infrastructure in that area;

(c)

supporting in other ways the creation, regeneration or development of communities in that area or their continued well-being;

(d)

contributing to the achievement of sustainable development and good design in that area,

with a view to meeting the needs of people living in that area.

(5B)

In subsection (5A)—

(a)

“good design” and “needs” have the same meanings as in section 2 (see section 2(2));

(b)

the reference to improving the supply of housing includes a reference to improving the supply of particular kinds of housing.

(6)

See also sections 31 to 35 (further provision about certain types of financial assistance: social housing).