The Welsh Ministers may, after consultation with a housing association, determine to commute any payments of special residual subsidy payable to the association under paragraph 2 of Part I of Schedule 5 to the Housing Associations Act 1985 for the financial year 1998-99 and subsequent years.
Where the Welsh Ministers make such a determination the payments of special residual subsidy payable to a housing association shall be commuted into a single sum calculated in such manner, and payable on such date, as the Welsh Ministers may consider appropriate.
If after a commuted payment has been made to a housing association it appears to the Welsh Ministers that the payment was smaller or greater than it should have been, the Welsh Ministers may make a further payment to the association or require the association to repay to them such sum as they may direct.
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