Section 422 — Housing Act 1985: Calculation of housing subsidy for local housing authorities.

Calculation of housing subsidy for local housing authorities. 422 1 The amount of the housing subsidy payable to a development corporation for a year (the year of account) shall be calculated from the amounts which, in accordance with sections 423 to 425, are the corporation’s —

a base amount (BA),

b housing costs differential (HCD),

and c local contribution differential (LCD), for the year, and shall be so calculated by using the formula BA+HCD-LCD.

2 If the amount so calculated is nil or a negative amount, no housing subsidy is payable to the corporation for that year.