§ 44-3-13.4 - Low or moderate income housing – Exemption. - Rhode Island Statutes

SECTION 44-3-13.4

   § 44-3-13.4  Low or moderate income housing– Exemption. – The town or city councils of any municipality of the state may, by ordinance,exempt from taxation, in whole or in part, the real property situated in thatcity or town which is occupied by persons or families of low or moderateincome. The amount of the exemption and the rules and regulations regardingeligibility for the exemption shall be provided for by ordinance, and the cityor town council may, from time to time, by amendment to the ordinance, makethose changes in the amount of exemption granted in the rules and regulationsregarding eligibility for exemption, as it deems necessary to promote thepurposes of this section. The exemption may continue during a term of anymortgage granted by the Rhode Island housing and mortgage finance corporationon the real property, or until the time the real property is not occupied bypersons of low or moderate income as their primary residence.