To alleviate, reduce, or abate a penalty, punishment, or damage in a real estate context. Often involves actions such as mitigating financial obligations or physical damage to property.
A Mitigation Land Bank is a program designed to preserve environmentally sensitive natural land areas, including wetlands. The program is overseen mainly by the U.S. Army Corps of Engineers and the U.S. Environmental Protection Agency (EPA). Owners are required to set aside key portions of sensitive land, either on the development site or nearby, and they can sell credits to developers needing to offset the environmental impact of their projects.
