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CALENDAR AND
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March 9, 2009
General Membership Meeting - Hors D'Oeuvres at the Lighting Center - RSVP March 11 & 12, 2009
May 8 - 10, 2008
June 20 - 28, 2009
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HBA SCHOLARSHIPS NOW AVAILABLE
Our HBA is pleased to announce that we will be again offering scholarships to area students. While the return on our investments is down, we still have some money to share! The HBA Grand Traverse Regional Community Foundation Scholarship has $1900 worth of grant money available this year. Those interested should apply on line at www.gtrcf.org/scholarships. This is for anyone interested in pursing a career in the home building industry. The second scholarship, the NMC Foundation HBA Home-in-a-Day Scholarship will award one $500 scholarship this year. These monies are available only to HBA members, members' children and employees or employees' children who plan to attend NMC in the fall of 2009. It may be used for academic classes or a certificate program. Applications will be available on the HBAGTA Website under "Education". All applications are due by Friday, April 3, 2009. |
BUILDERS LAUNCH TAX CREDIT WEB SITE
The National Association of Home Builders (NAHB) has launched a newly-designed web site that provides detailed information about the $8,000 tax credit for first-time home buyers that is a key measure in the sweeping economic stimulus legislation signed into law today by President Barack Obama.
"The new tax credit provides a great opportunity for first-time home buyers," said Joe Robson, NAHB chairman and a home builder from Tulsa, Okla. "Combined with today's near record low interest rates, the large selection of homes on the market, and very competitive pricing, the tax credit should be the extra incentive needed to get prospective buyers who have been sitting on the fence into the market."
In addition to being limited to first-time home buyers, the tax credit:
Is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
Is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Does not have to be repaid.
Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
The web site at www.federalhousingtaxcredit.com includes basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
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NAHB members can receive valuable discounts of up to 29%* on select FedEx shipping services:
FedEx Express® - from 19% to 29% on select services
FedEx Ground® - from 5% to 20% on select services
Click here and enter passcode HVCSP8 to start saving on shipping.
For questions or additional information, call 1-800-MEMBERS (800-636-2377) between 8:00 a.m. and 6:00 p.m. EST Mondays through Fridays to speak to a dedicated member service representative.
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THANK YOU TO OUR SPONSOR!
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Sponsor Link
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Don't Shoot the Messenger! Many of you might have received a memo from our  Executive Vice President of MAHB, Lee Schwartz yesterday. In it he was happy to report that the Department will waive continuing competency requirements for builders and M&A Contractors whose licenses are due to expire in May 2009. Before you figure on some huge conspiracy theory, I'd like to provide you with some facts about why we should be grateful for this temporary waiver. In January through May of 2008, more people (over 3,000) applied to take their builders or M&A licensing test than applied in all of 2007. They did this to avoid having to take the new 60-hours of education that went into effect June 1. The Bureau did not mandate this - they were the conduit responsible for handling the rush of license applications. Then with the new requirements for the QO license, another approximately 7500 individuals forwarded their paperwork for processing. Then there was the matter of waiting for all the credit checks from national credit bureaus on each of the QOs. It was getting down to crunch time and adequate time had not yet been devoted to promulgating the rules which defined the Continuing Competency. Rather than rush yet another matter and come up with a poorly made educational plan, Lee went to advocate for our builders and M&A folks so that they wouldn't be subjected to hastily made educational criteria. By proposing this "bye", contractors whose licenses expire this year will be afforded some breathing room and the Bureau will be able to promulgate reasonable continuing education requirements that our professional respectfully deserves.
Kathy
Kathy Maisonville
Executive Officer
p: 231.946.2305
f: 231.946.1051
toll free: 800.422.5166
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PROJECT APPRAISALS GOT YOU WORRIED?
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 Are you worried that you will run out of money before you run out of project? Has someone insinuated that you might not get a final draw because the value of your construction project has diminished substantially? Get the facts and learn from a professional builder and appraiser. Join us for the next Builder Forum prior to the HBA Hors D'Oeuvres Night, Monday, March 9th at 4:30 p.m. at the Lighting Center, 144 Hall Street. Our answer man will be Bob Reamer of IRR-Residential Veri-Tech Appraisal. Bob has been a leading industry specialist in the Grand Traverse Region for over thirty years working as a builder, land developer and most recently as a licensed general appraiser. He will be able to give you insight about what is happening with the industry and in our own back yard. If you have a particular concern or question, please email it in advance to mailbox@hbagta.com. We will share these in advance with Bob in order to make the best use of your time and his. Also, we would appreciate you RSVP'ing in order to plan adequately for food and beverages. |
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HOW TO PROFIT FROM EFFECTIVE CASH MANAGEMENT
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Cash flow forecasting is one of the key components of a  home builder's financial success. If builders don't properly manage their cash flow - if they constantly find themselves taking cash from their current job to cover the sins of a previous job - they will never have a positive bottom line.
To break out of this predicament, builders should absolutely make long-term and short-term cash flow planning an integral part of their budgeting process. They should also look at their cash sources and requirements on a monthly basis.
In addition, I also recommend that builders examine their weekly cash inflows and outflows when developing their cash flow planning, and that they incorporate a six- to eight-week rolling schedule.
To Begin, Accurately Detail Your Planned Monthly Expenses
Many builders can lose sight of the details needed for accurate cash flow forecasting when they sit down to develop their annual and monthly operating budgets because they simply identify their annual expenditures and then divide them by 12.
This method of forecast planning won't provide a true picture of monthly operations. >> Read More
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NATIONAL GREEN BUILDING STANDARD |
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A collaborative effort between the ICC and NAHB, the Standard recently approved by ANSI provides the "green" practices that can be incorporated into new homes. The approval signals a new era for builders, remodelers and developers and also provides an extra measure of reassurance for home buyers. The National Green Building Standard is now the first and only ANSI-approved green building rating system, making it the benchmark for green homes. The HBAGTA has placed an order for a limited supply of these books. If you would like purchase a copy, please contact Judy at the Association office. The cost of the books will be $35 which includes shipping and taxes. Payment must be received at the time of your order to guarantee a copy for you. The office should receive the book order by March 9, 2009. |
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TAX CREDITS BOOST INCENTIVE FOR GREENING AMERICAN HOMES
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Expanded tax credits for energy-efficient home  improvements in the new economic stimulus package puts more money in consumers' pockets by providing financial incentive for home owners to go green on their renovation projects in 2009 and 2010. While more efficient homes save on water and energy bills, these tax credits will make such home upgrades even more affordable.
The Internal Revenue Code section 25C tax credit for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Homeowners could be rewarded for installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps.
But remodelers found that the terms of the 25C credit -- equal to only 10 percent of the cost of each product and with a lifetime cap of $500 -- weren't strong enough to push enough home owners off the fence and into action.
Now, the credit rate and lifetime cap have been tripled - to 30 percent and $1,500, respectively - the list of eligible improvements expanded, and the deadline for applying has been extended through the end of 2010. Congressional estimates indicate that the new rules for the tax incentive will increase aggregate remodeling activity by more than $6 billion.
"The new tax credit also aligns with industry research indicating that even the most aggressive efficiency goals for new homes won't make a dent in overall energy consumption. Instead, remodeling and retrofitting the nation's older homes is by far the more efficient solution," said NAHB Remodelers Chairman Greg Miedema, CGR, CGB, CAPS, a remodeler from Tucson, Ariz.
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