(1) Subject to paragraph (2) below, section 6 of the Act (functional work: restrictions) shall apply to an amount, expressed as a sum of money, equal to ninety five per cent. of the cost of housing management work (‘the relevant amount’) if it is proposed to be carried out on or after—
(a) 1st April 1998, by a relevant authority specified in Part I of the Schedule to these Regulations;
(b) 1st July 1998, by the relevant authority specified in Part II of the said Schedule; and
(c) 1st April 1999, by a relevant authority specified in Part III of the said Schedule.
(2) Where housing management work is being carried out by a relevant authority in consequence of voluntary competitive tendering, then, for the period ending on 17th April 2002 or 5 years after that work was awarded, whichever is shorter, the relevant amount shall be reduced in relation to that authority by an amount equal to the cost of that work which is being carried out by that authority.