48. A housing authority may enter into an agreement with a holder of a licence under the Central Bank Act 1971, a building society or other financial institution that a charge created by the housing authority in relation to a dwelling sold as affordable housing under Part V of the Act of 2000 or under Part 2 of the Act of 2002 shall have a priority, as against a mortgage or charge proposed to be created in favour of that holder, society or institution, that is different from the priority the charge would otherwise have if this section had not been enacted, where it considers that such an agreement will enable the person who has purchased the affordable dwelling—

(a) to refinance an existing advance of moneys from the same or any other holder, society or institution, or

(b) to obtain a further advance of moneys from the same or any other holder, society or institution for any purpose.