At an annual or special meeting, a municipality may vote to exempt, for a period not exceeding five years, the property tax on the value of improvements made to principal dwelling units with funds provided in whole or in part by a nonprofit, neighborhood or municipal housing improvement program which limits eligibility to residents with incomes below the median income of the State. Such programs include neighborhood housing services, Community Loan Funds, community land trusts, neighborhood planning associations and municipal housing improvement programs. (Added 1989, No. 23.)