Construction Definitions

Construction Definitions

Existing Construction refers to a Property that has been 100 percent complete for over one year or has been completed for less than one year and was previously occupied
New Construction refers to Proposed Construction, Properties Under Construction, and Properties Existing Less than One Year. Proposed Construction refers to a Property where no concrete or permanent material has been placed. Digging of footing is not considered permanent.
Under Construction refers to the period from the first placement of permanent material to 100 percent completion with no Certificate of Occupancy (COO) or equivalent.
Existing Less than One Year: 100% complete, never occupied and COO issued within the prior12 months

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