[Adopted by the Board of Selectmen 10-29-1970]
As used in this article, the following terms shall have the meanings indicated:
LOW- AND MODERATE-INCOME HOUSING
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.
OWNER
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. 
To reduce rents below the levels which would be achieved in the absence of such abatement.
B. 
To improve the quality and design of such housing.
C. 
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. 
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.