[Adopted 12-3-2002 by Ord. No. 350-02]
This article is adopted pursuant to and in accordance with G.L. c. 58, § 8C, which was accepted by the City on November 8, 2002.
This affordable housing tax abatement ordinance is enacted to encourage the development of affordable housing as defined in G. L. c. 60, § 1, or affordable housing and commercial sites (qualifying site).
Qualifying sites which may be the subject of a tax abatement under this article shall:
A. 
Be a site or portion of a site for which the Commission of the Department of Revenue has approved in writing a request made by the City to grant an abatement;
B. 
Be owned by a new owner (eligible owner) who is not liable for any of the outstanding charges secured by the City's lien;
C. 
Be available for affordable housing or affordable housing and commercial uses under the City's Zoning Ordinance,[1] including any special permits or variances.
[1]
Editor's Note: See Ch. 181, Zoning.
Any eligible owner may apply for an abatement under this article by obtaining an application for an affordable housing tax abatement from the Treasurer's office. Such application may require any information or documents which the Treasurer deems necessary to process the application.
In accordance with the requirements of the enabling legislation, tax abatements granted under this article shall be pursuant to an agreement as set forth herein.
A. 
An Affordable Housing Tax Abatement Review Committee (Committee) is hereby established and authorized to negotiate agreements for the abatement of real estate taxes (abatement agreements) with eligible owners for qualifying sites, subject to approval by the Mayor. The Committee shall consist of the Assessor, the Treasurer, the Auditor, the City Planning Coordinator, and a City Councillor appointed by the President of the Council.
B. 
Abatement agreements may provide for reductions up to 75% of the outstanding real estate taxes and up to 100% of the outstanding interest and/or penalties on the qualifying site.
C. 
Abatement agreements shall include, but not be limited to, terms addressing the following:
(1) 
The amount of outstanding real estate taxes;
(2) 
The interest to accrue, if any;
(3) 
The amount of monthly payments;
(4) 
The commencement date for such monthly payments;
(5) 
The date of final payment;
(6) 
The late penalties to be imposed;
(7) 
The number of affordable units;
(8) 
Any and all other terms of repayment and any other terms negotiated by the Committee and the property owner and approved by the Mayor.
D. 
Copies of all abatement agreements shall be:
(1) 
Signed by the Mayor and the eligible owner, whose signatures shall be notarized;
(2) 
Attested to by the City Clerk;
(3) 
Approved as to compliance with this article by the Treasurer;
(4) 
Provided to the eligible owner, the City Council, the Massachusetts Department of Housing and Community Development and the Massachusetts Commissioner of Revenue;
(5) 
Maintained in the Treasurer's office and the Assessor's office.