Sec. 8-380. Fixing of assessments in housing development zones. Any municipality which includes an area which has been designated as a housing development zone pursuant to section 8-378 shall provide, by ordinance, for the fixing of assessments on all commercial and residential property in such zone which is improved during the period when such area is designated a housing development zone and, in the case of residential property, is occupied by families whose income is less than one hundred fifty per cent of the median family income of the municipality. Such fixed assessments shall be for a period of eleven years from the time of such improvement and the municipality shall defer any increase in assessment attributable to such improvements according to the following schedule:
Year PercentageOf Increase Deferred First 100 Second 100 Third 90 Fourth 80 Fifth 70 Sixth 60 Seventh 50 Eighth 40 Ninth 30 Tenth 20 Eleventh 10
(P.A. 87-378, S. 5.)