The fact that a development corporation . . . has entered into a management agreement, and any letting of land in connection with such an agreement—
shall be disregarded in determining that corporation's reckonable income or expenditure for the purposes of housing subsidy, and
shall not be regarded as a ground for recovering, withholding or reducing any sum under section 427 (recoupment of housing subsidy).
Reference in subsection (1) to a management agreement includes a section 247 or 249 arrangement, as defined by section 250A(6) of the Housing and Regeneration Act 2008.