Connecticut General Statutes Title 8. Zoning, Planning, Housing and Economic and Community Development § 8-216a. Capitalized value of net rental income, basis for property valuation

(a) Notwithstanding any provision of the general statutes or special act, the present true and actual value of any real property used for housing solely for low or moderate-income persons or families, as defined in section 8-202, on which rents or carrying charges are limited by regulatory agreement with, or otherwise regulated by, the federal or state government or any department or agency thereof, shall be based upon and shall not exceed the capitalized value of the net rental income of such real property. For purposes of this section, “net rental income” means the gross income of any real property used for housing solely for low or moderate-income persons or families as limited by the schedule of rents or carrying charges, less reasonable operating expenses and property taxes.

(b) Any modification, amendment, or replacement of a contract already in existence on or before October 1, 1973, shall not be subject to the provisions of subsection (a) of this section without the mutual consent of the parties thereto.