[Adopted 10-16-1982 (Ch.
10, § 10-4, of the Town Code)]
As used in this article, the following terms shall have the
meanings indicated:
Housing for the elderly, 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 or
charges and methods of operation by a governmental agency under a
regulatory agreement or other instrument which restricts occupancy
of such housing to elderly persons whose income does not exceed prescribed
limits, and shall be deemed to include the property on which such
housing is situated.
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 which limits occupancy
to elderly persons whose income does not exceed prescribed limits.
The standards which the foregoing governmental agency will
apply as the maximum income allowable for elderly persons who will
occupy such housing, provided only that such standard is and remains
acceptable to the state for purpose of reimbursement to the Town pursuant
to C.G.S. § 8-216. Otherwise, "prescribed limits" shall
mean that standard which the state will apply for purpose of eligibility
for such reimbursement.
The Board of Selectmen may, by majority vote, enter into contracts
for the Town with owners of low- and moderate-income housing granting
abatement, in whole or in part, of the real property taxes on such
housing, provided that such abatement need not be conditioned upon
receipt of state reimbursement to the Town for such abatement; and
further provided that 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 abatement and to improve the quality and design of such housing;
B.
To effect occupancy by elderly persons of varying income levels,
within the prescribed limits; or
C.
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 the owner of the low- and moderate-income
housing. The term of the abatement shall extend for the remainder
of the fiscal year in which such abatement becomes effective and may
continue for a period not to exceed 39 consecutive fiscal years thereafter
or may continue for a period not to exceed 50 consecutive fiscal years
thereafter, provided, in the latter case, that such contract is acceptable
to the state for purpose of reimbursement pursuant to C.G.S. § 8-216
for the first 40 consecutive fiscal years thereof; provided, in either
event, that such abatement shall terminate at any time when the real
property for which the tax abatement had been granted is not used
solely for low- and moderate-income housing.
For purposes of this article, the present true and actual value
of low- and moderate-income housing on which rents and carrying charges
are limited by regulatory agreement with, or otherwise regulated by,
the federal or state government, or department or agency thereof,
shall be based upon and shall not exceed the capitalized value of
the net rental income of such housing. For purpose of this section,
"net rental income" means gross income of such housing as limited
by the schedule of rents or carrying charges, less reasonable operating
expenses and property taxes.
A.
In the instance of each such contract, the Board of Selectmen may,
by majority vote:
The Town may, by a majority vote of the Board of Selectmen,
enter into contracts with the state for financial assistance by the
state in the form of reimbursement for all or any part of the tax
abatement granted to an owner of low- and moderate-income housing
in accordance with this article, but the entering into of such a contract
for financial assistance need not be a condition of any tax abatement.
This article is adopted pursuant to the provisions of C.G.S.
§§ 8-215 and 8-216.
