The Town Manager is hereby authorized and empowered to enter into a contract on behalf of the Town on terms and conditions stated in §
388-2 of this article with any owner of housing, provided that such owner is a nonprofit corporation, the construction or rehabilitation of which shall have been commenced after January 1, 1973, and which housing is solely for low- or moderate-income persons or families, as such housing is defined in C.G.S. § 8-202(c), for the abatement, in whole or in part, of real property taxes on such housing.