(A) For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
PARTICIPANT. A resident owner participating in the Program and residing in, or purchasing a primary residence in the city.
PROGRAM. The Urban Rehabilitation Homeownership Program of the Connecticut Housing Finance Authority.
(B) Pursuant to Conn Gen. Stat. § 8-265qq, a participant may enter into an agreement with the city to receive a deferral on any increase in real property tax assessment attributable to rehabilitation completed through the Program, for up to five years from the date of the completion.
(C) Any such assessment increase deferral agreement shall provide for:
(1) The completion of the rehabilitation by a date fixed;
(2) The inspection and certification by the Department of Inspection that the completed rehabilitation is in conformance with such provisions of the state and local building and health codes as may apply; and
(3) The continued residence of the applicant in the property during the period of deferral.
(D) In the event of a general revaluation in the year in which the rehabilitation is completed resulting in any increase in the assessment of the real property, only that portion of the increase resulting from the rehabilitation shall be deferred; and in the event of a general revaluation in any year after the year in which the rehabilitation is completed, the deferred assessment shall be increased or decreased in proportion to the increase or decrease in the total assessment on the property as a result of the general reevaluation.
(E) The Mayor shall be authorized to sign all documents to effectuate the agreement.
(F) In the event the Program is discontinued by the state, no new applications for tax deferrals shall be processed by the city.
(Ord. passed 10-9-2001)