The Registered Housing Associations (Accounting Requirements) (Amendment) Order 1989
Section 55 of the Housing Act 1988 provides for a Rent Surplus Fund to be kept by registered housing associations. This section replaces section 53 of the Housing Associations Act 1985 (c. 69) which provided for a Grant Redemption Fund. This Order makes consequential amendments to the Registered Housing Associations (Accounting Requirements) Order 1988 substituting for references to the Grant Redemption Fund references to the Rent Surplus Fund. References to the Grant Redemption Fund in relation to co-ownership societies and almshouses are omitted, as these associations will not be required to maintain Rent Surplus Funds. There is a consequential substitution of a statutory reference in Schedule 7 (modified requirements for application to small associations).