It is enacted by the General Assembly as follows:
SECTION 1. All the real, mixed, and personal property of C.A.C.D. Cape Verdean American Community Development of Rhode Island incorporated on December 20, 1993, as a nonbusiness corporation, shall be exempt from state and local taxation so long as said property shall be used for the purposes for which said corporation was incorporated.
SECTION 2. This act shall take effect upon passage.