Washington Hotline - August 21, 2008

Pillars Call for Entries is Open! Submit Your Project Today

Showcase your phenomenal project! Submit your entry today for the 2009 Pillars of the Industry Awards. The National Association of Home Builders honors the year’s best work in the multifamily industry through its annual Pillars of the Industry Awards program. Recognized as the industry’s most coveted awards, the Pillars competition honors superior achievement in apartment and condo design, development, marketing, and management.

The online Call for Entries and application system is now open. Vist the Awards Web page to check out the most frequently asked questions, review entry requirements, and browse the list of categories. The application deadline is Nov. 7, 2008. Be sure to submit your entry binders and supporting materials no later that Nov. 21.

We look forward to receiving your entry. Good Luck!

For more information, e-mail Sheronda Carr, or call her at 800-368-5242 x8168.

Economy: Rentals Slide, Outlook Still Optimistic; Confidence Wanes in Condo Market

• Rentals Slide, Outlook Still Optimistic
  
  Amid concerns of a slowing overall economy and continuing trouble in other sectors of the housing market, builder confidence in the rental apartment market dipped in the second quarter of 2008, but the outlook remains positive.
  
  When asked about expected conditions over the next six months, multifamily developers were more optimistic for market-rate rentals than for affordable apartment rentals.
  
  The recent news that the President had signed into law long-awaited housing stimulus legislation may bolster builder confidence further.

“The housing stimulus legislation that the President signed into law will go along way to help the housing market and the economy by stimulating demand and getting the capital markets working properly again,” said NAHB chief economist, David Seiders. “That will be good for the rental apartment market as well as for the for-sale housing market.”

View the full press release for more data, and an overview of the index. 

• Confidance Wanes in Condo Market

Builder confidence in the market for condominiums continued to fall in the second quarter of 2008, according to the Multifamily Condo Market Index (MCMI), released by the National Association of Home Builders (NAHB). The latest decline pushed two of the three components of the MCMI to their lowest levels since NAHB created the index in 2002.

“Like the market for single-family homes, the housing slump and the recent turmoil in the financial markets are also distressing the condo market,” said NAHB Chief Economist David Seiders. “The hope now is that the housing stimulus bill signed into law last week by the President will support a much-needed turnaround in all sectors of the housing market, including condos.”

The milestone legislation is expected to bring a substantial boost to the housing industry in the form of a temporary tax credit for first-time home and condo buyers, as well as much-needed measures that will improve mortgage liquidity, foster refinancing of troubled loans and expand the supply of affordable rental housing. The newly enacted legislation will offer first-time home and condo buyers a tax credit of up to $7,500 for purchases made from April 9, 2008 to July 1, 2009.

View the full press release for more data, and an overview of the index.

Industry News: Non-NAHB Groups Contacting Members, Causing Confusion

NAHB members and home builders associations across the country have been contacted by organizations with misleading names and information that has caused confusion about who they are.

If you have received correspondence or contact from the “National Home Builders” or the “National Directory of Home Builders," recognize that these organizations have no relationship with NAHB and are not part of, connected with, or related to NAHB in any way.

Any and all correspondence from NAHB will always include the full name “National Association of Home Builders” and/or the genuine NAHB logo.

For questions or concerns about any correspondence or contacts you may have received, e-mail William Deiss at NAHB, or call him at 800-368-5242 x8231.

Finance: Strategic Home Buyers Can Cash in Tax Credit Early

First-time home buyers can accelerate the receipt of the $7,500 from their tax credit and even apply it toward a downpayment, according to NAHB tax analyst Robert Dietz.

NAHB’s Web site explaining the tax credit — www.federalhousingtaxcredit.com — has been inundated by home builders and prospective buyers seeking information on the new benefit.

One of the most commonly asked questions since the credit was enacted concerns how it can be used for a downpayment, and new questions and answers related to this issue recently have been added to the Web site. (See questions 19 to 21.)

First-time home buyers (defined as those who have not owned a principal residence for three years) should be aware of several mechanisms that can narrow or close the gap between the time they purchase their home and the time they take the deduction on their income tax return, said Dietz.

NAHB successfully pushed for a rule that allows qualified buyers making a purchase in 2009 before the July 1 cut-off date to claim the $7,500 credit on their 2008 tax return — in effect, one year early. Also, home buyers who purchase a home after filing their 2008 tax return with the IRS in 2009 may file an amended tax return that includes the credit.

Educate your prospective home buyers and promote NAHB's tax credit resources to increase buyer confidence and boost condo sales.

For more information on the credit, e-mail Rob Dietz, or call him at 800-368-5242 x8285; or contact NAHB Public Affairs, x8447.

New Multifamily Informational Series: Selecting Your Architect

New and existing multifamily professionals in the condo and apartment sector naturally encounter change within the industry. There is a growing need for basic guidance on the critical aspects of selecting architects and interior designers, financing projects, and finding the suppliers and contractors that best suit your company's needs. 

NAHB Multifamily has asked a number of industry experts to provide information that can assist both new and experienced multifamily professionals as they work toward success.

This Informational Series, beginning this summer, will provide much needed information on a variety of multifamily development and building topics.

View the first article in this series, Breaking New Ground: Building a Successful Relationship With Your Architecture and Planning Firm. By Jeremy Greene, AIA, Principal, BartonPartners Architect & Planners

For more information, e-mail Lawrence McFadden, or call him 800-638-5242 x8550.

NCHI Product: STERLING Accord Shower

The STERLING Accord bath/shower line introduced in 2007, expands its selection of multi-piece fixtures that require no caulk for the seams to include a shower-only model. Much like its predecessor, the new STERLING Accord shower is made of durable and proprietary Vikrell material.

The shower features a single pivot point installation system, making it a snap to interlock the walls with the base. The wall clips, in turn, to provide an audible click that notifies the installer that they have been installed in the proper position.

For additional information on the STERLING Accord shower or any other products, call 1-800-STERLING, or visit the STERLING Web site.

Resources: NAHB PR Toolkit, Fixed Rates with Solveras Credit Card Processing

• NAHB PR Toolkit

The NAHB PR Toolkit, a comprehensive guide and resource provides strategies to promote the $7,500 first-time home buyer tax credit for consumers and get the facts about their particular housing markets out to local media and buyers. NAHB members can use this tool to plan, implement, and measure public relations programs. Visit  www.nahb.org/prtoolkit.

Members and must be logged in to the NAHB Web site in order to view the PR Toolkit and Myth Buster materials.

For more information, e-mail NAHB Public Affairs, or call 800-368-5242 x8447.

 

• Fix Credit Card Processing Rates for Two Years With Solveras

Solveras Payment Systems offers members and home builders associations the opportunity to fix their credit card processing rates for the next two years if they sign up with Solveras by Sept. 15.

Solveras sales consultants are available to review current credit card processing rates and other payment costs. They can help save members money or determine if their existing rates are good.

For more information or to sign up for this free service, call 800-613-0148, or e-mail info.1@solveras.com.

To learn more about Solveras’ Complete Payment Processing and Virtual Terminal Pro, visit www.solveras.com/nahb.

Other Member Advantage Discounts

For information on the Member Advantage discount program and all its participating companies, go to http://www.nahb.org/MA .

Calendar: Events and Conferences

August 2008

Pillars Call for Entries The online Call for Entries and application system is now open. Vist the Awards Web page to check out the most frequently asked questions, review entry requirements, and browse the list of categories. The application deadline is Nov. 7, 2008. Be sure to submit your entry binders and supporting materials no later that Nov. 21. We look forward to receiving your entry. Good Luck! For more information, e-mail Sheronda Carr, or call her at 800-368-5242 x8168.

September 2008 

Fall Board 2008 The 2008 Fall Board of Directors Meeting will be held at the San Diego Marriot Hotel and Marina, 333 West Harbor Drive, San Diego, Calif., September 23-26. Online registration for the Fall Board of Directors Meeting is now open.   Committee meetings will begin on Wednesday, September 24 and the Board of Directors Meeting will take place on Friday, September 26. No Meetings are presently scheduled for September 27 or 28. View the Fall Board Leadership Schedule.

2009 International Builders Show   Register now. Visit the all-new www.buildersshow.com to lock in the best registration rates and the choice hotels for IBS 2009 in Las Vegas. January 20-23, 2009.

March 2009

Save the Date for Pillars 2009! The 2009 Multifamily Pillars of the Industry Conference and Awards Gala will be held March 17-18, 2009, at the Hotel del Coronado in San Diego, Calif. The Awards Gala will be held on March 18. Registration information and conference details will be provided in the upcoming issues of Multifamily Hotline.