LLAND BANK: a governmental or nongovernmental nonprofit entity established, at least in part, to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property. LAND DEVELOPMENT: the process of making, installing, or constructing improvements. LEAD-BASED PAINT: Paint or other surface coatings that contain lead equal to or exceeding 1.0 milligram per square centimeter or 0.5 percent by weight or 5,000 parts per million (ppm) by weight. LEASE: A written agreement between an owner and a family for the leasing of a decent, safe, and sanitary dwelling unit to the family. LEASE TERM: The period of time for which a lease agreement is written. LIHTC: See LOW-INCOME HOUSING TAX CREDIT. LIVABILITY: a measure of integration of the housing, transportation, environmental, and employment amenities accessible to residents. A livable community is one with multiple modes of transportation, different types of housing, and destinations located within an easy distance (20 minutes by transit, 15 minutes by bike or foot, 10 minutes by car) of homes. LOCAL PUBLIC AGENCY: the official body empowered under State law to plan and undertake a local urban renewal program with Federal assistance. May be a city, county or other governmental entity, or a separate body such as a redevelopment agency or a local housing authority. LOSS MITIGATION: A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan. LOW-INCOME FAMILY: families whose [combined] income does not exceed 80 percent of the median family income for the area. LOW-INCOME HOUSING TAX CREDIT (LIHTC): A tax incentive intended to increase the availability of low-income housing. The program provides an income tax credit to owners of newly constructed or substantially rehabilitated low-income rental housing projects.
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