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Discharge for money payable under policy of insurance
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21. Subject to any rights of prior incumbrancers in relation thereto, the housing authority may give a good discharge for any money payable under any policy of insurance on the affordable dwelling whether created by it or assigned to it, and—
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(a) subject to paragraph (b), so much of such money as exceeds the affordable dwelling equity shall be dealt with by the housing authority as if it were the proceeds of a sale of the affordable dwelling, and
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(b) the housing authority may require any money received under such or other insurance of the affordable dwelling to be applied—
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(i) by the homeowner in making good loss or damage covered by the insurance, or
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(ii) in or towards the redemption of the affordable dwelling equity.
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