History: The 1967 Public Act 522 created the Tax Abatement Program.
Purpose: The Tax Abatement Program is designed to assist in the financial feasibility of privately owned nonprofit and limited dividend low and moderate-income housing projects by providing reimbursement for taxes abated up to $450 per unit per year for up to 40 years. The abatement of taxes enables the owners to maintain the rents at an affordable level for the tenants by assisting them to pay for their property taxes on the associated rental property.
Source of Funding: General Fund
Process: This program is not currently open to new applicants.
Statutory Link: Connecticut General Statutes, Chapter 133, Section 8-215
Regulatory Link: Not Applicable