A blighted area is a section of a city characterized by dilapidated structures and substandard living conditions. Urban renewal initiatives are designed to address these areas by rehabilitating or demolishing buildings that don't meet housing codes, and by constructing new buildings.
Rehabilitation refers to the process of restoring something, such as a structure, to a good condition. It can be applied to various fields such as real estate, healthcare, and law, involving steps to improve, reconstruct, or repair.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.