DECD: Tax Abatement Program

Tax Abatement Program
 
History:  The Tax Abatement Program was created by the 1967 Public Act 522.
 
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.
 
Source of Funding:  DECD is authorized to use general fund appropriations to provide monies to assist owners of low and moderate-income housing to offer lower rents by assisting them to pay for their property taxes on the associated rental property.
 
Process:  This program is not currently open to new applicants.