Transfer of Development Rights
Transfer of Development Rights (TDR) refers to the process of transferring development potential from one piece of land to another, typically in order to preserve open space or historic areas while still allowing development to occur. In TDR programs, the development rights from properties in designated sending areas are transferred to receiving areas where increased development is desired. This allows for the preservation of important natural or cultural resources while still accommodating growth and development. TDR is a useful tool for land use planning and regulations, as it provides a market-based approach to preserving open space and promoting more sustainable patterns of development. It can be used to achieve a variety of goals, such as protecting farmland, conserving natural areas, and preserving historic sites, while still allowing for the efficient use of land resources. In this way, TDR helps to balance the need for growth and development with the need to protect important environmental and cultural resources, making it an essential component of real estate and land use regulation.