§ Mr. Amessasked the Secretary of State for the Environment what allowance he makes, when setting financial targets for local authorities, for the difference in income to housing authorities the bulk of whose stock was constructed in the decade 1970 to 1979 and those whose bulk of stock was constructed in the decade 1960 to 1969.
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§ Mr. WaldegraveThe target methodology incorporates both authorities' grant related expenditure assessments (GREAs) and their budgets for the previous year. The GRE for the housing revenue account allows for the age composition of each authority's dwelling stock in estimating a notional rent income. Their budgets will reflect any differences in actual income. To the extent that an authority's target is based on its previous year's budget or GREA, it will take some account of the effects of housing stock age on income.