[Ord. of 9-23-1991, § 1]
For the purpose of this article:
Low- and moderate-income housing
means housing, the construction or rehabilitation of which
is aided or assisted in any way by any federal or state agency and
which is subject to regulation or supervision of rents, charges or
sales 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. "Low- and moderate-income housing" shall be deemed
to include the real property on which such housing is situated.
Owner
means 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 which limits
occupancy the 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 low and moderate income limits prescribed by
such governmental agency by regulation.
[Ord. of 9-23-1991 § 3]
The abatement shall become effective on the date specified in
the contract between the Town of New Milford and the owner of such
low- and moderate-income housing. The term of abatement shall extend
for the remainder of the fiscal year in which such abatement becomes
effective and may continue thereafter for a period not to exceed 40
consecutive fiscal years after the issuance by the Building Official
of a certificate of occupancy with respect to said property, provided
that such abatement shall terminate without further action by the
Town at any time that the property for which such tax abatement had
been granted is no longer used solely for low- and moderate-income
housing.
[Ord. of 9-23-1991, § 4]
For the purpose of determining the amount of taxes to be abated
as aforesaid, the true and actual value of low- and moderate-income
housing on which rents and carrying charges are limited by regulation
by or agreement with the federal or state government shall be based
upon and shall not exceed the capitalized value of the net rental
income of such housing, provided that, for the purposes of this section,
"net rental income" shall mean gross income as limited
by the schedule of rents or carrying charges, less reasonable operating
expenses and property taxes.
[Ord. of 9-23-1991, § 5]
The Town of New Milford may enter into contracts with the state
for financial assistance in the form of reimbursement for all of any
part of the tax abatement granted to an owner of low- and moderate-income
housing in accordance with this Article, but any such contract for
financial assistance need not be a condition of any such tax abatement.