The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
(1) “Board of directors” or “board” means the board of directors of the land bank.
(2) “Foreclosing governmental unit” means any political subdivision of the State of Delaware, where such political subdivision has the power to cause the sale of real property located within its respective jurisdiction for the collection of liens inuring to that political subdivision.
(3) “Land bank” means a land bank established under this chapter and in accordance with the provisions of this chapter.
(4) “Large jurisdictional land bank” means a land bank established under this chapter and in accordance with the provisions of this chapter that serves one of the following:
a. An entire county.
b. A foreclosing governmental unit, or a combination of foreclosing governmental units that have formed a single land bank by intergovernmental agreement pursuant to § 4705(b) of this title, that in total covers an area with a population in excess of 30,000 persons.
(5) “Liens” means any lien set forth in § 2901(a)(1) of Title 25.
(6) “Vacancy rate” means the percentage of residential structures that have been uninhabited for 6 months or more within a given jurisdiction.