Underappraisal, or an appraisal gap, happens when the market price of a property is higher than its appraised value because of a lack of recent comparable sales in the area. Buyers have difficulty obtaining mortgages for homes in neighborhoods with blighted properties and low sales because of underappraisal.
#PLANNING BLIGHT DEFINITION CODE#
The vacancies, in turn, reduce tax revenue for local governments, which respond by reducing public services and functions such as code enforcement, making the area less attractive and fueling further population loss. Economic disinvestment and the withdrawal of industry increase unemployment and worker migration, which lead to vacancy and deterioration, explained Graziani.
On November 2, 2017, the Federal Reserve System presented “ Solutions for Mitigating Neighborhood Blight: Innovations and Policy Strategies,” a webinar in which panelists discussed current research and described successful programs to mitigate the impact of blight and promote neighborhood revitalization.īlight affects all types of communities - rural, urban, and suburban, said panelist Kim Graziani, vice president and director of national technical assistance at the nonprofit Center for Community Progress (CCP). Blighted properties decrease surrounding property values, erode the health of local housing markets, pose safety hazards, and reduce local tax revenue.
Neighborhood blight and the presence of vacant and abandoned properties have profound negative impacts on afflicted communities. In the “Solutions for Mitigating Neighborhood Blight: Innovations and Policy Strategies” webinar, panelists discussed the impact of blight on communities and presented strategies to promote neighborhood revitalization.
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