Housing Act, 1966

Subsidy by Minister in respect of certain loan charges.

48.—(1) The Minister may, with the consent of the Minister for Finance, pay, out of moneys provided by the Oireachtas, to a housing authority in respect of money to which this section applies and borrowed by the authority, a subsidy (in this section referred to as the interest subsidy) equal to the difference between the loan charges incurred in respect of such money and the loan charges on the same amount calculated at such lesser rate or rates of interest as may be determined by the Minister.

(2) The interest subsidy shall neither be reckoned as a contribution to annual loan charges for the purposes of section 44 of this Act nor affect the amount of a contribution payable by virtue of subsection (5) of the said section 44.

(3) This section applies only to money borrowed for the purposes of the Housing of the Working Classes Acts, 1890 to 1958, or the Labourers Acts, 1883 to 1962, by a housing authority from the local loans fund on or after the 5th day of May, 1948, for the provision of houses, cottages or other housing accommodation to which, immediately before the commencement of this section, the Housing (Loan Charges Contributions) Regulations, 1932 to 1951, applied.

(4) In case the Minister has paid subsidy under section 15 of the Housing (Amendment) Act, 1958 , during the financial year which commenced next before the commencement of this section, the interest subsidy as respects the money to which the subsidy under the said section 15 related shall not be paid during the said financial year.