A 1994 Tom Doherty reprint of Charles de Lint's (1984/Ace Fantasy) mythic classic, Moonheart.
Cover art by David Bergen.
Though de Lint has expressed a preference for the term magic realism, there is no doubt he is one of the chief animators of what is now commonly called urban fantasy.
Since urban fantasy is often perceived as the province of vamps and weres ( somewhat humanized from their predatory roles in the horror genre), the expansive term contemporary fantasy has gained some credence.
What the genre boils down to is myth and magic in a contemporary setting. Particularly an urban setting. Previously, the country was the historic home of folk lore and legend.
In de Lint's world, magic exists but is secret and unrecognized except by those people who are attuned to the mythic or places which form a nexis with the Otherworld. The "normal" world continues oblivious.
In urban fantasy, paranormal powers and people are often recognized, real and nearly mundane, if sometimes restricted to exclusive communities. In a sense, ordinary superheroes. The secret is out and accepted to varying degrees.
An interesting progression of "what if?" in the evolution of genres and societal reaction.