The abatement shall become effective on the date specified in the contract between the town and the owner of low and moderate income housing. The term of 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; 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.
(Ord. passed 4-6-1976)
Editor’s note:
TM Volume 12, page 220