Any exchequer subsidy payable under this Part of this Act shall be paid to the authority or other person by whom the dwelling was provided, except that an exchequer subsidy payable in respect of, or of the site of, a dwelling provided b pursuance of authorised arrangements made with a local luthority shall be paid to the local authority, who shall pay to the development corporation or housing association, as the case may be, by way of annual grant an amount not less than the exchequer subsidy.
In section four of the New Towns Act, 1959 (under which exchequer subsidies under section one of the Housing (Financial Provisions) Act, 1958, are payable in respect of dwellings provided by the Commission for the New Towns), for references to such exchequer subsidies there shall be substituted references to exchequer subsidies under this section, and exchequer subsidies payable by virtue of this subsection shall, subject to the provisions of the said section four, be payable in accordance with the provisions of this Act and the said Act of 1958 applying in relation to approved dwellings provided by a development corporation otherwise than in pursuance of authorised arrangements.
No subsidy shall be payable under section one of the Housing (Financial Provisions) Act, 1958, in respect of any dwelling qualified to be considered for approval by the Minister under subsection (1) of this section.