[Adopted by the Board of Selectmen 10-29-1970]
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 charged 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.
The Board of Selectmen may enter into contracts
for the Town of Bethel 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. 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:
A.Â
To reduce rents below the levels which would be achieved
in the absence of such abatement.
B.Â
To improve the quality and design of such housing.
C.Â
To effect occupancy of such housing by persons and
families of varying income levels within limits determined by the
Commissioner of Economic Development by regulation.
[Amended 12-1-1979]
D.Â
To provide necessary related facilities or services
in such housing.
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 had 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. The abatement authorized herein shall be granted only for
low- and moderate-income housing upon which construction or rehabilitation
commenced after July 1, 1967.
The First Selectman shall, with the approval
of the Board of Selectmen, execute, on behalf of the Town, 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.
