(A) The Board of Selectmen may 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 provided further 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:
(1) To reduce rents below the levels which would be achieved in the absence of abatement;
(2) To improve housing quality and design;
(3) To effect occupancy by persons and families of varying income levels, within prescribed limits; or
(4) To provide necessary related facilities.
(B) 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.
(Ord. passed 4-6-1976)
Editor’s note:
TM Volume 12, page 220