§ 32-40. Establishment of annual service charge for Lincoln House.
Latest version.
Housing developments for elderly persons of low income or persons of low income and
the property on which they shall be constructed shall be exempt from all property
taxes from and after the commencement of construction. The city, acknowledging that
the sponsor and the authority, in the case of a sponsor receiving a federally aided
mortgage, have established the economic feasibility of the housing development in
reliance upon the enactment and continuing effect of this article and the qualification
of the housing developments for exemption from all property taxes and a payment in
lieu of taxes as established in this article, will accept payment of an annual service
charge for public services in lieu of all property taxes. The annual service charge
shall be equal to four (4) percent of the difference between the annual shelter rent
actually collected and utilities.
