A cute way of saying kind or nice, or saying you think of them as a good person or neighbor. You can also think of the word as a way to describe a person that your not friends with as if they are your best friend.
Phil: "sup my dude. How you doin today? "
KevinKa$h: "I've been feeling good. As a matter of fact, i've been feelin so mellow like Carmello, my dick's turned yellow"
Phil: "no homo?"
KevinKa$h: "No HOMO!!"