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Board approves tax‑abatement to preserve 276‑unit Laurel Estates as affordable housing
Summary
The Board approved a tax‑abatement agreement with Laurel Estates Preservation LLC to support purchase and rehabilitation of the 276‑unit Laurel Estates complex at 173 Bucks Hill Road. The buyer plans to invest over $17 million and to impose new 20‑year affordability restrictions consistent with HUD rules.
The Board of Aldermen voted to approve a tax‑abatement agreement to facilitate the purchase and rehabilitation of the 276‑unit Laurel Estates low‑income housing complex at 173 Bucks Hill Road.
According to the presentation by Michael LeBlanc, Director of Finance, Laurel Estates Preservation LLC…
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