[HISTORY: Adopted by the City of Norwalk Common Council 8-13-2002. Amendments noted where applicable.]
As used in this chapter, the following terms shall have the meanings indicated:
- A resident property owner participating in the program, and residing in, or purchasing a primary residence in, census tracts 0434, 0437, 0438, 0440, 0441, 0442, 0444 and 0445.
- The Urban Rehabilitation Homeownership Program of the Connecticut Housing Finance Authority.
Pursuant to Connecticut Public Act No. 01-9, Section 81, a participant may enter into an agreement with the City of Norwalk to receive a deferral on any increase in real property assessment attributable to rehabilitation completed through the program, for up to five years from the date of such completion.
Any such assessment increase deferral agreement shall provide for:
The completion of such rehabilitation by a date fixed;
The inspection and certification by the City that the completed rehabilitation is in conformance with such provisions of the state building and health codes and the local housing code as may apply; and
The continued residence of the applicant in such property during the period of the deferral.
In the event of a general revaluation in the year in which such rehabilitation is completed resulting in any increase in the assessment of such real property, only that portion of the increase resulting from such rehabilitation shall be deferred; and in the event of a general revaluation in any year after the year in which such rehabilitation is completed, such deferred assessment shall be increased or decreased in proportion to the increase or decrease in the total assessment on such property as a result of such general revaluation.
The Mayor shall be authorized to sign all documents to effectuate the agreement. In the event the program is discontinued by the Connecticut Housing Finance Authority, no new applications for tax abatements shall be processed by the City.