Glossary

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)

glossary

Reclaiming Communities through Vacant Property Revitalization