Glossary

abandoned property

An abandoned property is one where the owner of the property has effectively walked away from his/her obligations. Failure to carry out responsibilities by owners can include failure to pay taxes or meet other financial obligations or foregoing routine maintenance and allowing the property to become a nuisance. An abandoned property may be occupied.

adaptive reuse

Rehab and utilization of an existing structure or landscape for a use other than it originally accommodated. Buildings adaptively reused may often have historic or cultural significance. See: Scottish Rite Hospital, Curley School, SouthSide Works, Acushnet Commons

affordable housing

Housing affordability is variable by income, location, and other factors. The federal government considers housing to be affordable if housing costs are no more than 30 percent of its income. Recently, affordable housing advocates have looked at combined housing and transportation costs to understand the financial tradeoffs for housing families can afford.

americans with disabilities act (ada)

Law prohibiting discrimination to persons with disabilities, by requiring, among other things, that places generally open to the public, such as restaurants and hotels, be made accessible. Special rules apply to historic buildings and facilities. (preservationnation.org)

architectural review?

The review process that guides the regulations and procedures requiring the exterior design or structures to be harmonious and in keeping with the historic character, or general style, of surrounding areas.

area median income

The area median income (AMI) is a statistic generated by the U.S. Department of Housing and Urban Development (HUD) for purposes of determining the eligibility of applicants for certain federal housing programs. AMI is determined on an annual basis, making adjustments for household size and other factors. Different housing programs use different percentages of AMI as maximum income limits for admission. (adapted from housingpolicy.org)

back tax

Taxes that were due at an earlier time. Properties that have back taxes are tax delinquent. See delinquent tax.

blight

Blight defines the deterioration of a property, building, or neighborhood due to neglect, aging, and lack of management. It is typically characterized by depopulation, economic restructuring, property abandonment, crime, and desolate landscapes.

bond

A bond is a type of loan or debt security that is issued by a public authority or credit authority for long-term investments. Bonds are repaid when they "mature," typically 10 years or more after being issued. (housingpolicy.org)

bridge loan

A bridge loan provides interim financing for an individual or business until the next stage of financing can be obtained. Money from the new financing is generally used to "take out" (i.e. to pay back) the bridge loan. Due to the higher risk of the loan, bridge loans often have a higher interest rate. Bridge loans are often used for commercial real estate purchases to quickly close on a property, retrieve real estate from foreclosure, or take advantage of a short-term opportunity in order to secure long term financing.

brownfield

Brownfield sites are real property where expansion or redevelopment is complicated by actual or perceived environmental contamination. (U.S. Environmental Protection Agency) See: Bethel Center, Museum of Glass International Center for Contemporary Art, Clipper Mill, Atlantic Station, Reviviendo Family Housing, SouthSide Works

building code

Regulations established by a recognized government agency describing minimum standards of design, building procedures, and construction details for new homes or homes undergoing rehabilitation. Local building codes are often based on a national model code known as the International Building Code, or one of its predecessors. The International Code Commission has established a number of special building codes that apply to particular situations, such as the International Existing Building Code, which facilitates the renovation of older structures by streamlining the applicable code requirements.

clear title

A clear title is a signal that a property can be purchased without worrying about old liens or owners coming back to assert claims to the property. This status is also referred to as an 'insurable title," since the property owner can get title insurance to protect against losses if there was an error in checking the title history; and as a "marketable title," since having a clear title facilitates marketing and selling a property.

community development block grant (cdbg)

A Federal entitlement program created under the Housing and Community Development Act of 1974. CDBG) is administered under HUD’s Community Planning and Development Office and aims to improve communities through activities including production and preservation of affordable housing, improved community facilities and services, and other neighborhood revitalization and economic development opportunities.

community development financial institution (cdfi)

A CDFI is a specialized financial institution that promotes economic development in struggling urban and rural areas underserved by traditional financial institutions. CDFIs provide a variety of financial products and services in their target markets, including mortgage financing for low-income and first-time homebuyers, financing for rehab of affordable housing, and commercial loans and investments to small start-up or expanding businesses in low-income areas. The Department of Treasury certifies CDFIs.

contributing structure

A building or structure in historic district that generally has historic, architectural, cultural, or archeological significance. (preservationnation.org)

debt to equity ratio

A financial ratio used to determine whether a government agency, business, household, or other entity can safely borrow over long periods of time. The ratio is calculated by dividing an entity's outstanding debt by the amount of equity it holds. For government agencies, debt to equity ratio is important because it will determine whether it has a strong or weak bond rating. (housingpolicy.org)

deed restrictions

Restrictions or limitations on the use of property, as noted in a deed. Deed restrictions are one mechanism for maintaining the long-term affordability of a home with a significant public subsidy. (housingpolicy.org) See: Hickory Heights: San Diego

delinquent tax

Tax that is unpaid or remains unpaid as of, or after, the payment due date. Usually a penalty attaches to that original sum. Any unpaid balance that remains after a partial payment will still be considered delinquent.

demolition by neglect

The process of allowing a building to deteriorate to the point where demolition is necessary to protect public health and safety. (preservationnation.org)

due process

Protection of constitutionally protected rights from arbitrary governmental action. Requires notice and opportunity to be heard. (preservationnation.org) Add a sentence re: how this play out with property transfers/nuisance abatement.

eminent domain

Right of a government agency to take private property for a public purpose. Provided that “just compensation” is paid to the property owner. See: Southside Neighborhood (Greensboro)

enabling law

Law enacted by a state setting forth the legal parameters by which local governments may operate. Source of authority for enacting local ordinances pertaining to things like land banking and preservation.

environmental assessment or impact statement (ea or eis)

Document prepared by state or federal agency to establish compliance with obligations under federal or state environmental protection laws to consider impact of proposed actions on the environment, including historic resources.

environmental remediation

The processes of removing contaminants and toxins from media such as soil, groundwater, or sediment for the protection of human health and the environment. The U.S. EPA sets remediation requirements. See: Bethel Center, Museum of Glass International Center for Contemporary Art, GTECH, SouthSide Works, Atlantic Station

gentrification

Gentrification can be a by-product of the process in which a disinvested, and possibly deteriorating, neighborhood undergoes revitalization through reinvestment in its physical assets. Gentrification can be controversial because it is often associated with an influx of higher-income residents, an increase in property values, and the displacement of at least some of the original lower-income residents. (adapted from housingpolicy.org)

green infrastructure

A strategically planned and managed network of wilderness, parks, greenways, conservation easements, and working lands with conservation value that supports native species, maintains natural ecological processes, sustains air and water resources, and contributes to the health and quality of life for America's communities and people. A green infrastructure network includes many types of lands including natural areas, parks, and green roofs. Green infrastructure can be used in urban areas to enhance wastewater and stormwater treatment, and be used in conjunction with traditional “hard” infrastructure like pipes and treatment facilities. See: SouthSide Works, Clipper Mill, Reviviendo Family Housing

greenfield

Undeveloped land typically located at the perimeter of a municipality.

greyfield

Greyfields are previously developed commercial properties that are vacant or underutilized. Defined by the Congress for the New Urbanism, they are typically “economically obsolescent regional malls” but can also be other underutilized commercial development including strip malls or big box retail.

historic designation

Act of identifying historic structures and districts subject to regulation in historic preservation ordinances or other preservation laws. (preservationnation.org)

historic district

An area within defined boundaries that generally includes a significant concentration of properties contributing to the overall historic character (architectural style, historical development, etc.) of the area. Historic districts, designated at the local, state, or national level, are often subject to specific laws governing property development. See: Veltex Building, Edenton Cotton Mill

historic preservation/rehabilitation tax credits

Currently, the IRS offers a 20 percent tax credit for the preservation and adaptive reuse of commercial and income-producing buildings and a 10 percent tax credit for non-historic buildings built before 1936. The credits help make redevelopment of these properties financially feasible. (adapted from preservationnation.org)

home funds

This federal program is designed to expand the supply of decent affordable housing for low- and very low-income families and individuals. HOME funds are provided each year by HUD to states and localities, which determine how the funds are spent (e.g. tenant-based rental assistance, assistance to homebuyers, property acquisition, new construction, rehabilitation, site improvements, demolition, relocation, and administrative costs.) (adapted from housingpolicy.org) See: Operation: Neighborhood, Harold Washington Unity Corp

infill

Infill development occurs on vacant or abandoned (previously developed) lots or on spaces between buildings. This type of development utilizes existing infrastructure (e.g. roads, sewer lines, etc.) and decreases turning farmland and natural areas into impervious surfaces. See: Bethel Center, Museum of Glass International Center for Contemporary Art, Atlantic Station, Reviviendo Family Housing, SouthSide Works, Hickory Heights, Heritage Place

land bank authority

A land bank authority is a public entity created to efficiently acquire, hold, manage, and transfer ownership of vacant, abandoned, and tax-delinquent properties. Land banking activities may be conducted by other types of entities including not-for-profit organizations and local governments.

land use

General term used to describe how land is or may be utilized or developed, whether for industrial, commercial, residential or agricultural purposes, or as open space. (preservationnation.org)

landmark

A site or structure designated by local preservation ordinance or other law that it is worthy of preservation because of a particular historic, architectural, archeological, or cultural significance. (adapted from preservationnation.org)

leed

Leadership in Energy and Environmental Design (LEED) is an internationally recognized green building certification system, providing third-party verification that a building or community was designed and built using strategies aimed at improving performance across the metrics that matter most: energy savings, water efficiency, carbon dioxide emissions reduction, improved indoor environmental quality and stewardship of resources and sensitivity to their impacts. The LEED for Neighborhood Development (LEED ND) Rating System has recently been approved by the USGBC, focusing on integrating the principles of smart growth, urbanism, and green building to guide neighborhood design. (US Green Building Council) See: Clipper Mill, Bethel Center, Atlantic Station, SouthSide Works

lien

The right to hold the property of a debtor as security or payment for a debt.

limited equity cooperative

In this shared equity homeownership arrangement, households buy a share in the cooperative and in return receive the right to occupy one unit and share in decision-making for the development. Share prices are set by a formula specifically designed to keep membership affordable for future purchasers. (housingpolicy.org)

live/work space

Live/work space is zoned so that a commercial endeavor is integrated into a dwelling unit occupied by the proprietor. See: Coral Street Arts House, Curley School, Clipper Mill, Southside Neighborhood

low-income housing tax credits

The LIHTC is the principal source of federal funding for the construction and rehabilitation of affordable rental homes. Tax credits, a dollar-for-dollar credit against federal tax liability, are allocated by states to developers according to the criteria set out in the states' qualified allocation plans. Developers work with syndicators to sell the credits to investors—generally for-profit corporations and investment funds—generating the equity necessary to complete their projects. (adapted from housingpolicy.org)

mixed-use development

A type of integrated development project that combines building uses, such as office, commercial, institutional, and residential, in a single building or on a single site. See: Southside Neighborhood, Reviviendo Family Housing, Atlantic Station, Veltex Building, SouthSide Works, Clipper Mill, Curley School

mothballing

A process where a building is vacated and its temperatures stabilized for purposes such as adaptive reuse, deed transfer, or market return.

multi-family housing

A building with two or more residential units. See: Reviviendo Family Housing, Veltex Building, Heritage Place, Clipper Mill, SouthSide Works, Atlantic Station, Southside Neighborhood, Harold Washington Unity Co-op, Acushnet Commons, Ashby Commons, Tierra del Sol Apartments, Hickory Heights

municipal lien

A lien by a municipal corporation against a property owner for the owner's proportional share of a public improvement that specifically and individually benefits the owner.

national environmental policy act (nepa)

Primary federal law requiring consideration of potential impacts of major federal actions on the environment, NEPA requires federal agencies to prepare Environmental Impact Statements. (link)

national historic landmark (nhl)

Property included in the National Register of Historic Places that has been judged by the Secretary of the Interior to have "national significance in American history, archeology, architecture, engineering and culture." (preservationnation.org)

national historic preservation act (nhpa)

The federal law that encourages the preservation of cultural and historic resources in the United States. (preservationnation.org)

national register of historic places

The National Register of Historic Places is the official inventory of “districts, sites, buildings, structures, and objects significant in American history, architecture, archeology, engineering and culture.” Authorized by the National Historic Preservation Act of 1966, the National Park Service's National Register of Historic Places is part of a national program to coordinate and support public and private efforts to identify, evaluate, and protect America's historic and archeological resources. (National Register for Historic Places and preservationnation.org)

new market tax credits

The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. (US Department of Treasury)

ordinance

A law adopted by a governmental body.

overlay district

An overlay district is a specific geographic area within which additional land-use requirements are applied on top of the basic zoning code. Overlay districts may be used to allow greater flexibility in development types without undergoing a large-scale rezoning. See: Reviviendo Family Housing, Southside Neighborhood

project xl

Project XL (eXcellence in Leadership) is an EPA initiated project begun in 1995 as a national pilot program to help state and local governments, businesses, and federal facilities work with EPA to develop and test innovative approaches to achieve better and more cost-effective ways to achieve environmental and public health protection. EPA accepted project proposals from 1995 through 2003, ultimately developing over 50 environmental innovation pilot projects. (EPA)

rehabilitation tax credit

Preservation-focused tax incentive programs exist at the federal, state, and local levels. They provide financial benefits to building owners who might otherwise feel burdened by preservation projects. Since it was enacted in 1976, the credit has been widely used as an effective tool for transforming vacant and underutilized buildings into safe, decent, and—in many cases—affordable places to live and do business. (preservationnation.org)

section 106

Provision in National Historic Preservation Act that requires federal agencies to consider effects of proposed undertakings on properties listed or eligible for listing in the National Register of Historic Places. (preservationnation.org)

shared equity

An approach to homeownership that balances ongoing housing affordability and individual asset accumulation. Under a shared equity model, a public or philanthropic entity provides funding to help a family purchase a home. In return, the entity shares in any home price appreciation that occurs while the family lives there, allowing an initial investment in homeownership to help one generation of homeowners after another. (housingpolicy.org) See: Harold Washington Co-op

smart growth

Broadly speaking, smart growth refers to a set of development principles that link environmental, social, and economic objectives together to create vibrant, safe, and healthy places to live. Smart growth development generally seeks to take advantage of existing infrastructure to preserve farmland and open space; encourages multi-modal transportation options by concentrating development around public transit corridors; integrates housing and other land uses together; and provides a range of choices in the development of the built environment to promote affordability. (housingpolicy.org)

syndication

The process whereby a group of venture capitalists will each put in a portion of the amount of money needed to finance a small business.

tax abatement

A reduction, decrease, or diminution of taxes owed, often for a fixed period of time. (preservationnation.org)

tax assessment

Formal determination of property value subject to tax. (preservationnation.org)

tax credit

A “dollar for dollar” reduction on taxes owed. (preservationnation.org)

tax deduction

A subtraction from income (rather than taxes) that lowers the amount upon which taxes must be paid. (preservationnation.org)

tax delinquent property

A property for which property taxes and/or municipal bills are past due.

tax exemption

Immunity from an obligation to pay taxes, in whole or in part.

tax foreclosure

Tax foreclosure is the enforcing of a lien against real property by the government due to nonpayment of taxes by the property’s owner.

tax freeze

A "freezing" of the assessed value of property for a period of time.

tax increment financing (tif)

A financing tool used by cities and other development authorities to finance development costs including for housing and other public improvements in designated underdeveloped areas. Communities can borrow against the incremental tax revenue expected after completion of the improvements to provide initial funding of the investments.

traditional neighborhood development (tnd)

TND includes a variety of housing types, a mix of land uses, an active center, a walkable design, and often a transit option within a compact neighborhood scale area either as infill in an existing developed area or as a district scale project. See: Southside Neighborhood, Operation: Neighborhood

transit-oriented development (tod)

Transit-oriented development is the creation of higher-density, mixed-use development within walking distance a public transit hub. (reconnectingamerica.org) See: Clipper Mill, Bethel Center, West Hotel, Atlantic Station

underground storage tank (ust)

An underground storage tank system is a tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground. Many USTs are abandoned gas stations. See: Veltex Building

vacant property

Properties may be chronically vacant or temporarily so (e.g. vacation homes or awaiting move-in or under rehabilitation or construction.) Although there is no agreed-upon definition, the National Vacant Properties Campaign defines vacant properties as vacant residential, commercial, and industrial buildings and lots that exhibit one or both of the following traits: 1) The site poses a threat to public safety (meeting the definition of a public nuisance), or 2) The owners or managers neglect the fundamental duties of property ownership (e.g., they fail to pay taxes or utility bills, default on mortgages, or carry liens against the property.)

zoning code

Zoning ordinances classify land and structures into different “zones” or districts. Laws generally specify allowable use for land (i.e. residential, commercial, industrial, mixed-use) and restrictions on development including density, design, and building dimensions.

zoning variance

A requested deviation from a municipality's land use zoning ordinance.

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