[Adopted BOS 8-9-1977]
This article is hereby adopted pursuant to the
authority contained in Section 8-215 of the Connecticut General Statutes.
As used in this article, the following terms
shall have the meanings indicated:
Housing, the construction or rehabilitation of which is aided
or assisted in any way by any federal or state statute, which housing
is subject to regulation or supervision of rents, charges or sale
prices and methods of operation by a governmental agency under a regulatory
agreement or other instrument, which restricts occupancy of such housing
to persons or families whose incomes do not exceed prescribed limits.
A person or persons, partnership, joint venture or corporation,
who or which has executed or will execute a regulatory agreement or
other instrument with a governmental agency, either federal, state
or local, which limits occupancy of the low- and moderate-income housing
owned or to be owned by such person or persons, partnership, joint
venture or corporation to persons or families whose incomes do not
exceed prescribed limits.
A.
The Town Manager, with approval of the Town Council,
may enter into contracts for the Town of Cromwell with owners of low-
and moderate-income housing, granting abatement, in whole or in part,
of the taxes on the real estate used for such low- and moderate-income
housing.
[Amended TC 6-16-2014]
B.
The amount of such abatement shall be established
in each such contract, giving due consideration to the purpose or
purposes to which the money equivalent of the taxes so abated is to
be applied. Each such contract shall require that the owner apply
the money equivalent of the taxes so abated to one or more of the
following specified purposes:
(1)
To reduce rents below the levels which would be achieved
in the absence of abatement.
(2)
To improve housing quality and design.
(3)
To affect occupancy by persons and families of varying
income levels, within prescribed limits.
[Amended TC 6-16-2014]
(4)
To provide necessary related facilities or services.
A.
The abatement shall become effective on the date specified
in the contract between the Town and an owner of low- and moderate-income
housing. The term of abatement shall extend for the remainder of the
fiscal year in which abatement becomes effective and may continue
for a period not to exceed 39 consecutive fiscal years thereafter,
provided that such abatement shall terminate at any time when the
property for which tax abatement has been granted is not used solely
for low- and moderate-income housing, and provided further that the
continuation of such abatement may be conditioned upon the continuation
of state reimbursement to the Town for such abatement.
B.
The abatement authorized herein shall be granted only
for low- and moderate-income housing upon which construction or rehabilitation
commenced after July 1, 1967.
[Amended TC 6-16-2014]
The Town Manager shall, with the approval of
the Town Council, execute on behalf of the Town of Cromwell contracts
with the state for financial assistance by the state in the form of
reimbursement for the tax abatement granted to an owner of low-and
moderate-income housing in accordance with this article.
