Affordable housing project Land, acquisition, construction, building acquisition, remodeling, improvement, rehabilitation, conversion or weatherization for residential housing that is approved by the Mortgage Finance Authority.  Eligible projects include single family housing or, in a county with fewer than 100,000 residents, multifamily housing.  Projects must remain affordable for a minimum of five years, in the case of single family housing, or ten years, in the case of multifamily housing.
Bargain Sale Sale of property at less than the fair market value.  The difference between a bargain sale price and fair market value often qualifies for the corresponding tax incentives (both federal and state) as a charitable contribution.
Biodiversity Conservation Conservation aimed at promoting the variety of life in all its forms, levels and combinations, including ecosystem diversity and species diversity.
Carryforward Period The number of tax years in which unused tax credits may be applied after the tax year in which the credit originated.
Code The Internal Revenue Code of 1986, as amended.
Development Right A loose term, generally meaning the right to subdivide and to construct new structures on a property.
Eligible Employer One whom the Economic Development Department has approved for Job Training Incentive Program assistance.
Fair Market Value The likely price that a piece of property could earn if sold by a willing seller to a willing buyer on the open market.
Fragmentation Fragmentation is the process of dividing larger tax credits into smaller units. Conservation easement tax credits can be fragmented in increments of $10,000 or more.
Green Building A practice of increasing the efficiency with which buildings use resources, energy, water, and materials,  while reducing building impacts on human health and the environment, through better siting, design, construction, operation, maintenance and removal.
Historical Preservation Protection of a past event, architectural style or chronological development.
Land Trust A non-profit organization the substantial activities of which are directed toward accepting charitable donations of real property, and providing stewardship for the conservation purpose of the donations.  Certain governmental entities are the second type of qualified organization that may also hold donations of real property.
NMSA The abbreviation for the New Mexico Statutes Annotated.
Open Space An undeveloped piece of land adding ecological, scenic or recreational value to an area.  Open space can be public or private and includes the following: forests, fields, marshes, and wildlife areas.
Outright Donation The grant of all (or a portion through a conservation easement and/or a partial donation) of a landowner interest in a property to a qualified conservation organization.
Qualified Appraisal A professionally determined estimate of the value of the conservation easement or the value of an outright donation of property, based on recognized appraisal principles.
Rural New Mexico Area Any part of New Mexico other than Los Alamos County or certain municipalities (Albuquerque, Rio Rancho, Las Cruces, Santa Fe) and a ten-mile zone around those select municipalities.
Tax Credit A tax credit directly offsets tax liability.  Thus, a tax credit differs from a tax deduction, which determines tax liability.  $1 of tax credit offsets $1 of tax liability and because transferable tax credits sell at a discount, the buyers can profit from reducing their tax liability.
Tier One Location All rural New Mexico areas that are not Tier Two locations
Tier Two Location All rural New Mexico areas that exceed 15,000 in population (Alamogordo, Carlsbad, Clovis, Farmington, Gallup, Hobbs, Roswell).
Watershed The land area that drains into a stream including various wetland forms such as arroyos, swaps, spurs, and marshes.