Where a local authority—
advance money for the acquisition of a house which is in need of repair or improvement, or
on the disposal of a house which is in need of repair or improvement allow, or have to allow, a sum to be left outstanding on the security of the house,
they may, if the conditions stated in subsection (2) are satisfied, give assistance in accordance with this section to the person acquiring the house.
The conditions are—
that the assistance is given in accordance with a scheme which either has been approved by the Secretary of State or conforms with such requirements as may be prescribed, and
that the person acquiring the house has entered into an agreement with the local authority to carry out, within a period specified in the agreement, such works of repair or improvement as are so specified.
The assistance shall take the form of making provision—
for waiving or reducing the interest payable on the sum advanced or remaining outstanding, and
for dispensing with the repayment of principal,
for a period ending not later than five years after the date of the advance or, as the case may be, the date of the disposal.
In this section "prescribed" means prescribed by order of the Secretary of State made with the consent of the Treasury.
An order—
may make different provision with respect to different cases or descriptions of case, including different provision for different areas, and
shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.