For the purpose of determining the amount of taxes to be abated as aforesaid, the present true and actual value of low- or moderate-income housing on which rents and carrying charges are limited by regulatory agreement with, or otherwise regulated by 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 the housing project. For purposes of this section, "net rental income" shall mean gross income of the project as limited by schedule of rents or carrying charges, less reasonable operating expenses and property taxes.
(Ord. 547, passed 12-4-06)