| March 2, 2009 |
By Joe Robson
NAHB Chairman and
Jerry Howard
NAHB President and CEO |
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A troubling item within President Obama's proposed budget
would reduce the value of the mortgage interest and real estate tax deductions for some home buyers and home owners in order to pay for an expanded health care initiative. This proposal spurred an immediate and strong response from NAHB. Chairman Joe Robson said in our official statement issued Feb. 26:
 "With the housing market still reeling from its worst downturn since the Great Depression, this is not the time to talk about raising taxes on home buyers and home owners. This proposal will increase the cost of housing for many middle-class families, particularly in high-cost areas such as California and the Northeast, which will only further undercut the housing market, exert more downward pressure on home values and work against the President's efforts to stabilize housing and turn this economy around."
"The proposed budget would also tax a 'carried interest' as ordinary income, which could significantly impact the multifamily and commercial real estate sectors at a time when they are already experiencing a severe downswing. At this critical point in the recession, we should be doing everything we can to stimulate demand in housing and avoid proposals that would reduce housing affordability and further destabilize prices."
Read the full-text of NAHB's response here. Contact: Greg Brown, x8421.
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Approximately 750,000 visitors
 linked to NAHB's specially developed Web site to get details on the first-time home buyer tax credit during the month of February.This makes the www.federalhousingtaxcredit.com site one of the most popular Internet offerings we've ever created, and it means that thousands of home builders and buyers are getting the information they need to publicize and use the new $8,000 tax credit. Even before February had ended, the site had counted double its number of visitors in the previous month, when 312,000 "hits" were registered. Moreover, February chalked up an average of about 30,000 visitors per day. If you haven't checked out this great resource yet, now is the time. And here's something else to look forward to: the Spanish version of the tax credit Web site will soon be up and running. NAHB members can also download vital resources for promoting the tax credit to your customers at: www.nahb.org/taxcreditmaterials. Contact:Jay Shackford, x8406.
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California's new tax credit will boost home construction
 and provide families in the state with a significant incentive to return to the housing market. In a bold move to try to help turn California's housing and economic ills around, the state asembly recently approved bill SB 15XX by Sen. Roy Ashburn (R-Bakersfield) that establishes a tax credit for 5% of the purchase price of a newly built, single-family home, up to a maximum of $10,000. The credit can be claimed on homes sold on or after March 1 of this year and before March 1 of 2010. Even better, first-time home buyers in California are allowed to take both the state's $10,000 tax credit and the $8,000 federal tax credit that was part of recent economic stimulus legislation approved by President Obama. Read all the details in last week's NBN Online, or contact the California Building Industry Association.
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A free webcast on the new ANSI-approved green building standard
 is proving to be a popular information source for students, faculty, home builders, remodelers and other industry professionals. This webcast first aired on Feb. 3, and is presented by the National Housing Endowment and East Carolina University. It can be viewed at www.rcmseries.ecu.edu. Called “Growing Green: A Sustainable Approach to Residential Construction,” the webcast examines how to effectively incorporate the new ANSI-approved Green Building Standard to build and remodel more sustainable communities and homes. Ed Sutton, of NAHB’s Construction, Codes & Standards Dept., and Mike Luzier, president of the NAHB Research Center, discuss key components of the new points system of the standard and how incorporating the standard can give builders and remodelers an edge as consumer demand increases for more energy-efficient and environmentally friendly homes. Mark Tipton, 1991 NAHB president, serves as the moderator. This webcast was the third in the “Building Communities Residential Construction Management Seminar Series” presented by the National Housing Endowment and East Carolina University. The series provides students who are pursuing careers in residential construction with cutting-edge information and real-world solutions to construction problems. All three of the seminars in the series can be viewed at www.rcmseries.ecu.edu.
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Potential home buyers took a time-out in January
 in hopes of learning the details of President Obama's pending economic stimulus plan and how those details could affect their purchase. U.S. Commerce Department figures for new-home sales in the month (released Feb. 26) indicated a sobering 10.2% decline to a record low seasonally adjusted annual pace of just 309,000 units. The hope is that, as the economic stimulus kicks in and first-time buyers find out about the $8,000 tax credit and higher limits on government-backed mortgage loans that were included in the package, a significant number of consumers will seek to take advantage of those benefits. If so, there could be some firming of home sales in the coming months. Meanwhile, builders have continued to do a good job of reducing their inventories of unsold units, with the number of new homes on the market falling for a 21st consecutive month in January to 342,000 units. Yet, due to the historically slow sales pace, the months' supply continued to rise for a fourth consecutive month, to 13.3. The Northeast was the only region to post a gain in new-home sales during January, while the West posted a double-digit decline due in large part to competition from sales of foreclosed properties. Read our press release or see the government's report online. Contact Paul Lopez, x8409, for help with media inquiries.
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An upcoming NAHB Web seminar on the new LIHTC rules
 will take place on Thursday, March 26 at 2:00 p.m. ET. Titled "LIHTC Income Limits: Keeping Your Property in Compliance With the New Rules," this one-hour event will consist of experts in LIHTC compliance reviewing the changes that have taken place and explain how they will affect multifamily businesses. The changes were enacted last summer as part of the "Housing and Economic Recovery Act of 2008." Specifically, they apply to income limits and recertifications, including an elimination of the requirement for the annual recertification of tenant incomes in 100% Housing Credit properties and a change to the way that rural rent/income ceilings are determined. If you're planning to listen in on the seminar, you'll be able to ask questions via phone at the time – or you can submit your questions in advance – just e-mail Carmel McGuire by Friday, March 20. The cost for this seminar is $39 per phone site for Housing Credit Group (HCG) Steering members, $59 per phone site for HCG Builder members, and $89 per phone site for non-HCG members. Active Housing Credit Certified Professional designation holders receive complimentary registration – contact Janice Coyle about this at x8386. To register for the LIHTC Income Limits Web seminar, please visit www.nahb.org/HCG. Contact: Carmel McGuire, x8207.
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Events calendar:
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March 17-18 |
Pillars of the Industry Conference and Awards Gala |
San Diego, Calif. |
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March 18 |
Pillars of the Industry Awards |
San Diego, Calif. |
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March 22-23
March 24 |
March Executive Board Meeting &
Legislative Conference |
Washington, D.C. |
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April 23 |
Construction Forecast Conference |
Washington, D.C. |
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April 27-29 |
Building for Boomers and Beyond: 50+ Housing Symposium |
Philadelphia, Pa. |
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April 28 |
Best of 50+ Housing Awards |
Philadelphia, Pa. |
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April 28 |
50+ Icons of the Industry Award |
Philadelphia, Pa. |
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May 8-10 |
National Green Building Conference |
Dallas, Texas |
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May 8 |
National Green Building Awards |
Dallas, Texas |
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May 19
May 24 |
National Membership Day
2009 Government Affairs Recognition Awards |
Nationwide
Washington, D.C. |
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May 25-31 |
Spring NAHB Board of Directors Meeting |
Washington, D.C. |
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Aug. 11-15 |
Executive Officers Council Seminar |
Louisville, Ky. |
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Aug. 12 |
EOC Association Excellence Awards |
Louisville, Ky. |
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Sept. 30-Oct. 4 |
Fall NAHB Board of Directors Meeting |
Chicago, Ill. |
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Oct. 25-28 |
Building Systems Councils SHOWCASE |
Marco Island, Fla. |
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Oct. 27-30 |
Remodeling Show |
Indianapolic, Ind. |
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Oct. 29 |
NAHB Remodeler of the Year Award |
Indianapolis, Ind. |
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Oct. 29 |
National Remodeling Hall of Fame Award |
Indianapolis, Ind. |
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Oct. 29 |
Homes for Life Award |
Indianapolis, Ind. |
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Nov. 6-8 |
Custom Builders Symposium |
San Diego, Calif. |
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Nov. 6-9 |
National Conference on Membership |
New Orleans, La. |
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2010 |
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March 29-31 |
Log Home Council President's Tour |
Boise, Idaho |
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