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Mortgage Finance (Birmingham)

Volume 894: debated on Friday 27 June 1975

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asked the Secretary of State for the Environment how much mortgage finance was made available from central funds to the city of Birmingham in each of the years 1973–74 and 197475; and how much is to be provided for the current year.

According to my Department's records, Birmingham's expenditure on home loans was £1·03 million in 1973–74 and £18·4 million in 1974–75. Under the terms of Circular 64/75 its limit for 1975–76 is, therefore, £9·2 million, and the implications of this in relation to sums advanced or committed before the issue of the circular is

Building costs excluding land and site worksLoan charges (including land)Exchequer and rate fund subsidiesSubsidies as a percentage of loan charges
1974–75 (Provisional)6,800233·47169·2572·5


(a) Building costs are per dwelling built, loan charges and subsidies per dwelling held in housing revenue accounts.
(b) Exchequer subsidies are payable in respect of local authority housing revenue expenditure of which loan charges are the main component, and not directly on new capital costs. There is, therefore no direct relationship between the figures in columns (1) and (3).