The abatement shall become effective on the date specified on the contract between the town and the owner of low- or 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 as specified in the contract; 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- or moderate-income housing.
(Ord. 547, passed 12-4-06)