[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:
A.
The completion of such rehabilitation by a date fixed;
B.
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
C.
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.
