Glossary

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.

glossary

Reclaiming Communities through Vacant Property Revitalization