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Posts Tagged ‘regulation’

MBI Exec Tom Hardiman on Modular Placement Hassle

September 28th, 2017 Comments off

ModularBuildingInstituteLogoTomHardimanCAEPlacementIssueDailyBusinessNewsMHProNewsGreen Living Homes modular builder, Frank Dertzbaugh, brought his concerns about a modular home placement problem to the attention of the Modular Building Institute’s (MBI) Tom Hardiman.

Dertzbaugh, a Daily Business News on MHProNews reader, cited the article linked below, as he explained to Hardiman – the executive director of MBI – about how the purchasers’ of a modular home was meeting local zoning resistance.

http://www.MHProNews.com/blogs/daily-business-news/high-school-training-students-for-construction-of-modular-homes/

Frederick County, Maryland Career and Technology Center built this two-section modular last winter in their shop and displayed it at the annual Frederick County Building Industry Association Home Show in March,” said Dertzbaugh.

Dertzbaugh stated that the home buyers. “are having some Zoning issues with County Officials.”

FrankDerzbaughGreenLivingModularHomesLinkedInDailyBusinessNewsMHProNewsHardiman provided some questions and tips to the Maryland-based modular home builder.

GreenLivingModularHomesFrankDertzbaughMDModularBuilderDailyBusinessNewsMHProNews

In response to follow up questions from MHProNews, the MBI executive explained that he hears a few times a year about a modular home placement issue.

In an on-the-record exchange, Hardiman stated, “Tony, I’m not sure how often it happens, but it [local placement] gets brought to our attention probably 3-4 times a year for zoning related issues.”

MBI’s Hardiman said it was, “Mostly due to poorly written local ordinances that date back decades and put limitations on “manufactured and modular homes” or put size and aesthetic requirements just on a modular home, leaving the door wide open for someone to build a hideous looking site built home.”

TomHardimanCAEModularBuildingInstituteMBILogoMarketsServedCommercialResdientialBuildingDailyBusinessNewsMHProNews

We also deal with some local officials not wanting to accept a modular unit that has already been inspected and bears a state insignia probably 2-3 times a year as well,” Hardiman said. “In those cases, we usually get the state modular administrator to reach out to the local code official and explain the program.”

As to what MBI’s position on such issues, he said, “From the association standpoint if a “discriminatory” process happens at the state level, we want to be involved in resolving it.  We can’t always address every local issue, but certainly will try.” ## (News.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Sunday Morning Weekly Recap Manufactured Housing Industry News February 12th 2017 to February 19th 2017

February 19th, 2017 Comments off

sunday-morning-weekly-manufactured-home-pro-news-recap-1-4-to-1-10-2015-mhpronews-com-A new month means new-featured articles on the MHProNews.com home page.

This month’s theme? Frank, Frustrations and Free Enterprise February in MHLand, 2017.

To see the line-up of over 3-dozen featured articles for this month, along with the headline commentary, please click the link above.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

mhpronewslogoindustrynewstipsviewsproscanuse

When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

 

What’s New On MHLivingNews

 mhlivingnews-improvedlivingforle-logo

Container-MODs Once Moved Cargo, Will Now Provide Homes for Veterans

 

An Industry with a Heart – The Tomorrow’s Home Foundation

 

What’s New On MHProNews

Saturday February 18th, 2017

 

NAHB Home Builder Confidence Report Released

 

 

Friday February 17th, 2017

 

Community Owners, Residents, Agree on Bill

 

UMH Up, Manufactured Housing CV Down, Broader Markets Rise

 

New Modular Housing Project Unveiled

 

Homeowner Survey: Location Matters

 

Small Business Optimism Index: January Results

 

 

 

Thursday February 16th, 2017

 

MHC Residents Face Uncertain Future

 

LPX, LCI, Manufactured Housing CV Up, Broader Markets Mixed

 

No End in Sight? Trump Cheers Stock Market Streak

 

Killam Properties Reports Q4, 2016 Earnings

 

Modular Construction Helps to House Veterans

 

 

Wednesday February 15th, 2017

 

Duty to Serve (DTS) Manufactured Housing “Confidential Documents,” Draft and Downloads, FHFA, GSEs

 

Proposed Death Blows to CFPB Put Forward

 

UFPI, Manufactured Housing CV Soar, Broader Markets On Record Streak

 

Modular Company Purchased Out of Bankruptcy

 

After Fight, MHC Gets Green Light

 

Nation Looks to Shipping Containers for Migrant Housing

 

 

 

Tuesday February 14th, 2017

 

State Makes Move to Combine Housing Divisions

 

Deer Valley Soars, Manufactured Housing CV Down, Broader Markets Up

 

Landmarkers send Aluminaire House Packing from NY to CA

 

Manufactured Home Resident Scholarships Due

 

Stopped Before They Can Start? MHC Develop Stalled

 

 

Monday February 13th, 2017

 

MHC Gets Reprieve – But for How Long?

 

SKY, Cavco Up, Manufactured Housing CV, Broader Markets Rise

 

Industry Lender Announces Name Change

 

Future Looks Bleak for MHC

 

Manufactured Housing – Hope for Ownership Versus Rentals?

 

 

Sunday February 12th, 2017

 

Sunday Morning Weekly Recap Manufactured Housing Industry News February 5th 2017 to February 12th 2017

 

(Image credits are as shown above.)

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Trump’s Regulation Cuts Could Have Major Impact on MH

January 23rd, 2017 Comments off
TrumpsRegulationCutsCouldHaveMajorImpactonMHcreditAmericaEnterpriseInstitute-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: American Enterprise Institute.

Throughout the 2016 presidential campaign, Donald Trump was very clear on one thing he wanted to change – regulations.

President Trump talked about the Obama-era financial regulations, including Dodd-Frank, as “bad for business” and responsible for the nation’s slow growing economy.

 

For many, the President’s anti-regulatory stance is a welcome breath of fresh air.

According to Business Insider, the financial services industry is particularly excited, seeing the Trump victory as an early Christmas present.

TrumpsRegulationCutsCouldHaveMajorImpactonMHOctavioMarenzicreditOptimas-postedtothedailybusinessnewsmhpronewsmhlivingnews

Octavio Marenzi. Credit: Optimas.

This isn’t going to necessarily translate into a golden age for banks, but it will be a normalization of the business environment. They’ve been battered by regulations and now we are finally going to see a more healthy environment,” said Octavio Marenzi, CEO of Opimas, a management consultancy firm focused on capital markets.

Our analysis shows that efforts to deregulate could redirect more than $25 billion in capital in the financial services industry over the course of the next 18-24 months,” said Opimas co-founder Medy Agami.

Areas in the analysis by Opimas that are of particular interest to the manufacture housing industry:

  • The roll back of Dodd-Frank and the elimination of the Consumer Financial Protection Bureau (CFPB).
cfpb-parody-logo-credit-plus1properties-cartoon-credit-MHProNews-com-(c)2015-all-rights-reserved-

Credit: Plus 1 Properties, MHProNews.

The elimination of or serious reduction in CFPB regulations will mean a potential savings of nearly $1.4 billion for banks,” said Marenzi.

Additionally, Treasury Secretary nominee Steven Mnuchin has said that the new administration plans to “strip back parts of Dodd-Frank that prevent banks from lending.

As Daily Business News readers are aware, Republican Senators Bob Sasse (NE) and Mike Lee (UT) have called for the removal of CFPB director Richard Cordray, and Democratic lawmakers have called on the Trump Administration to keep Cordray and the agency in tact as is.

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Credit: Wikipedia, CFPB, HubPages.

A D.C. circuit court ruled last year that the CFPB was unconstitutional.

  • Repeal of the “Volcker Rule”

Enacted in 2013, the rule was designed to prevent future financial crises. Agami and Marenzi believe that the rule is the easiest to roll back, because all the President would essentially need to do is tell regulators to stop enforcing it.

TrumpsRegulationCutsCouldHaveMajorImpactonMHMedyAgamicreditOptimas-postedtothedailybusinessnewsmhpronewsmhlivingnews

Medy Agami. Credit: Optimas.

The implications will be significant for large investment banks since dropping the rule would generate additional revenue and profitability streams,” said Agami.

There is also significant evidence that repealing The Volcker Rule will increase liquidity in various asset classes—fixed income, equities, commodities, foreign government debt, etc.—by enabling dealers to hold inventory that has long-term demand from clients that would otherwise not be allowed,” said Marenzi.

  • Reductions in capital and liquidity requirements
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A Clayton home in Chino Valley. Credit: Clayton Homes.

Originally put in place to prevent risky lending by financial institutions, Marenzi and Agami see significant reductions in the requirements freeing up money hoarded by banks.

It will free up nearly $20 billion in unproductive capital over the next 18-24 months that banks are hoarding and could redirect to other areas,” they said.

These regulations will be the most difficult to scale back since they are globally implemented and compelled banks to build myriad models and retain armies of risk and compliance teams.

Movement in these areas, combined with incoming Secretary of Housing and Urban Development (HUD) Dr. Ben Carson, could bode very well for the manufactured housing industry as regulations decrease and capital flows improve.

For more on Dodd-Frank, the CFPB and their impact on the manufactured housing industry, click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sunday Morning Weekly Recap – Manufactured Housing Industry News – December 11th, 2016 – December 18th 2016

December 18th, 2016 Comments off

sunday-morning-weekly-manufactured-home-pro-news-recap-1-4-to-1-10-2015-mhpronews-com-As December rolls on, a new set of featured articles are found on the MHProNews’ home page.

Our theme for this month is: DAAD = Dramatic! Advent! Adventure! December 2016!

To see the line-up of over 3-dozen featured articles for this month, along with the headline commentary, please click the link above.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

mhpronewslogoindustrynewstipsviewsproscanuse

When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

  

What’s New On MHLivingNews

 mhlivingnews-improvedlivingforle-logo

Ben Carson – Controversial Doctor Answers HUD’s Housing Call

 

Mom and I Believe in Manufactured Homes!

 

What’s New On MHProNews

 

Saturday December 17th, 2016

 

Repairing Your Manufactured or Modular Home – Facts, Myths and Clarity

 

Friday December 16th, 2016

 

As Cities Zone Out, Industry Pros Ask – are HUD Code Manufactured Homes Discriminated Against?

 

NorthStar Realty, UMH Lead Up Day for Manufactured Housing CV, Broader Markets Down to Finish Week

 

Manufactured Home Owner or Community – Who’s Responsible?

 

Warren Buffett’s Rear View Mirror & HUD

 

MHARR: FHFA Final Duty to Serve Rule Continues to Fail Manufactured Home Buyers

 

Thursday December 15th, 2016

Skyline Surges, Manufactured Housing CV Up Over Four Percent, Broader Markets Rebound After Fed Hike

 

Recent Investor Moves in Cavco Industries Examined

 

Cajunize! State Rep Says FEMA Response “Defines Common Sense”

 

Paul Bradley – Mom and I Believe in Manufactured Homes!

 

DOJ, HUD Update Existing Guidance Despite Calls for a Moratorium

 

Wednesday December 14th, 2016

Manufactured Housing CV Hit Hard, Broader Markets Down on Fed Rate Hike

 

City Council Approves Controversial Manufactured Housing Ordinance

 

FHFA Makes Major Move, Significant Impact Expected on MH Loans

 

MHCC Recommends Significant Changes to HUD Frost Free Foundation Bulletin

 

City Weighs Repair Assistance Options for MH Community Residents

 

Tuesday December 13th, 2016

Canadian Modular Home Builder Gains Foothold in African Market

 

Business Optimism Rises with Trump’s Ascendancy, as Energy Issues take Center Stage

 

Deer Valley, UMH Lead Up Day for Manufactured Housing CV, Broader Markets Hit New Record Highs

 

The Costly Crawl of Bureaucracy: FEMA at its Finest?

 

New Mayor, Local Nonprofit, See Solution to Housing Crunch in Tiny Homes

 

Monday December 12th, 2016

 

Skyline and MHCV slides, Broader Markets Mixed, Dow Notches Another Record Close

 

Hundreds Wait in Line for Affordable Housing, Solution Remains in Plain Sight

 

UMH Draws Publicity, Stock Price Spikes…Coincidence?

 

Billions Involved in Mainstream Media and Public Officials Engagement

 

Dangerous Surprise Found by Neighbor Cleaning Out Manufactured Home

 

Sunday December 11th, 2016

 

Sunday Morning Weekly Recap – Manufactured Housing Industry News – December 3rd, 2016 – December 11th 2016 ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Majority of Financial Advisors See Strong Economy Under Donald Trump

November 30th, 2016 Comments off
majorityoffinancialadvisorsseestrongeconomyunderdonaldtrumpcreditfsi-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: FSI.

A new survey from the Financial Services Institute shows confidence from independent financial advisors in President-elect Trump’s ability to strengthen both the economy and the stock market.

Many are also considering expanding their operations.

The survey revealed that 58 percent predicted a strong economy, and 56 percent said stocks will profit from the better economy.

Only 6 percent of the 1,357 polled see the 2017 economy as “weak,” while 49 percent said that Congress should cut spending as part of tax reform.

majorityoffinancialadvisorsseestrongeconomyunderdonaldtrumpcreditfsi1-postedtothedailybusinessnewsmhpronewsmhlivingnews

FSI CEO Dale Brown. Credit: FSI.

Main Street financial advisors serving retirement savers have their finger on the pulse of the lives of their hard-working clients and it’s important that we tap into their perspective,” said FSI President Dale Brown. “Our members have a unique vantage point on these issues, as they work closely with investors of all sizes and means, to help them save for retirement, fund their children’s education and care for aging parents.

Thirty-four percent of those surveyed said that they plan to expand their business, up from 29 percent in July 2014.

The so called “Main Street” advisors the institute represents leaned strongly towards Trump, with 71 percent choosing the business leader turned president-elect and 19 percent supporting Democrat Hillary Clinton.

Advisors also supported a repeal of the “fiduciary rule,” a 1,000-page regulation that is due to take effect in April, and covers the ethics of financial advisors.

Trump and Republicans in Congress are expected to kill the regulation.

Our members, who are Main Street not Wall Street, contributed $48 billion to the U.S. GDP in 2015,” said Brown. “Their call to repeal the DOL fiduciary rule as soon as possible is driven by their clients’ need to access their help in securing a dignified retirement. Last year, the clients of our members sent over 100,000 letters to the Department of Labor, pleading for relief from the rule. It’s time we allow these professionals to serve their clients in a way that they want and deserve to be served.

The View From The MH Industry

claytonhomesmakeskeyacquisitioncreditclaytonhomes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Clayton Homes.

Several of the biggest names in the manufactured housing industry also see significant benefit from a Donald Trump administration.

Jim Clayton (left) with Daily Business News Publisher Tony "L.A." Kovach.

Jim Clayton (left) with Daily Business News Publisher Tony “L.A.” Kovach. For A Cup of Coffee with…Jim Clayton, click here.

Here are some promises and expectations from the president-elect, alongside my comments and thoughts, said Clayton Homes and Clayton Bank Founder, Jim Clayton.

MH Community and Manufacturing Operators – along with others in business – get to expense expansion cost under the president-elect’s proposals. WOW! What a nice surprise!

Dodd Frank and CFPB to be Hallelujah! We bankers can move bloated compliance teams back to the basics – lending and deposit gathering.  Will be so great to close MH loan applicants on the spot and same-day. 

Roads, bridges, and tunnels updated and expanded. A trillion in infrastructure spending over 4 years would boost growth by several percentage points.

The full commentary from Jim Clayton can be found here, and extensive coverage of feedback from the MH industry can be found here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

NFIB By The Numbers: Trump, Clinton and Small Business

October 20th, 2016 Comments off
nfib-credit-trumpvsclintonovalofficemanufacturedhousingindustrydailybusinessnewsmhpronwes

Credit: MHProNews.

As part of their “Election Center” feature, the National Federation of Independent Business (NFIB) has published Who Will You Choose? Presidential Issue Comparison, that analyzes each candidates position on issues that are important to small business.

The data is pulled directly from candidates’ plans.  NFIB notes that they don’t endorse candidates for the highest office in the land, but they do provide a head-to-head comparision, so their members can make an informed choice.

So, where do they stand? Let’s take a look.

Income Tax Rate

Trump: Proposes reducing the number of tax brackets to three: 12%, 25%, and 33%.

Clinton: Proposes a new tax surcharge on high-income taxpayers effectively raising the top rate to 43.6%. Proposes increasing capital gains taxes and implementing the “Buffett” rule to enact a new minimum tax rate on those with over $1 million adjusted gross income.

hillaryclintondonaldtrump-creditbbc-postedmanufacturedhousingindustrydailybusinessnews-mhpronews

Hillary vs Trump – credit BBC.

Business Tax Rate

Trump: Proposes a new 15% business rate that would apply to corporations and pass through businesses.

Clinton: Proposes no change in corporate tax rates.

Estate Tax

Trump: Proposes elimination of the Estate Tax, but capital gains held until death will be subject to tax, with the first $10 million tax-free as under current law to exempt small businesses and family farms. 

Clinton: Proposes restoring the federal estate tax to 2009 levels and create new brackets for estates over certain sizes: 45% for estates over $3.5 million, 50% for over $10 million, 55% for over $50 million, and 65% for over $500 million.

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Regulation

Trump: Proposes eliminating the EPA’s Waters of U.S. rule and Clean Power Plan rule.

Clinton: Supports the EPA’s Waters of the U.S. rule and Clean Power Plan rule and proposes additional measures to transition U.S. energy sources to renewables.

Health Care

Trump: Proposes repealing the Affordable Care Act and replacing it with Health Savings Accounts.

Clinton: Proposes expanding the Affordable Care Act by creating a new “public option” government-run insurance plan. She proposes increasing tax credits to assist with health insurance premiums. She also proposes allowing people over 55 buy into Medicare.

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For Frank Griffin’s report on this issue, complete with videos, please click here. Credit: Wikipedia.

Energy

Trump: Proposes opening onshore and offshore leasing on federal lands.

Clinton: Proposes putting additional regulations on oil and natural gas development.

Paid Leave 

Trump: Proposes expanding unemployment insurance (UI) programs to pay for six weeks of maternity leave. Trump proposes paying for increased leave by eliminating fraud in the UI program.

Clinton: Proposes 12 weeks of paid family and medical leave. Clinton proposes paying for the increased leave with higher taxes on the “wealthy.

We Provide, You Decide.” ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

State Under Pressure to Count Manufactured Homes as Affordable Housing

October 12th, 2016 Comments off
stateunderpressuretocountmanufacturedhomesasaffordablehousingcreditmatthewbernattvillageweek

A Wareham, MA – vintage manufactured home community. Credit: Matthew Bernatt, Village Week.

A Massachusetts state law that has long allowed developers to bypass local regulations in communities where less that ten percent of the housing stock is considered to be affordable is back in the spotlight.

The issue has long troubled officials in the town of Wareham, because the state refuses to include manufactured homes in its definition of affordable housing.

According to the Wareham Week, for the second time in as many years, voters at an October 24th town meeting will be asked to petition state legislators to carve out an exception in Chapter 40B, a state housing law that was designed to boost the number of affordable units across the state by easing the permit process in cities and towns for housing projects.

The law states that if the number of affordable homes in a town is below the state’s threshold, which is 10 percent of total housing units, then developers may bypass some local zoning laws and build projects more densely than zoning bylaws normally allow.

Since 40B was enacted in 1969, the town of Wareham has never met that quota. The result has been the construction of 19 developments in town built under 40B that offer affordable housing options.

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Wareham, MA shaded in red.

Expressing frustration with the issue, town selectmen drafted a petition that was passed at a 2015 town meeting and sent to the state legislature.

It was never voted on.

State lawmakers instead sent it to a committee for study, according to the Wareham Week. That action essentially killed the bill.

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Selectman Alan Slavin. Credit: Facebook.

In theory, the petition should just go through the House and Senate without issue,” said Selectman Alan Slavin. “It got buried.” Slavin told the Wareham Week that the bill to be voted on this month is the same one that was approved at the 2015 town meeting.

The number of affordable homes in Wareham is currently 7.7 percent, according to a report by the Department of Housing and Community Development released in 2014.

With the exception, that number would climb to an estimated 11 percent, allowing Wareham to hold affordable housing developments to the same standards as any other project.

Wareham has struggled for years with the threat of 40B developers basically preying on the town because we have a lot of build-able land and we have good infrastructure,” said State Representative Susan Williams Gifford. Those are the things developers need and it’s made the town a prime target.

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Modern manufactured home interior, credit Texas A&M, and MHLivingNews.

Gifford also said that designating “mobile homes” (sic) as affordable housing would provide town officials a greater say in Wareham’s future.

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State Rep. Susan Williams Gifford. Credit: malegislature.gov.

The town has been playing a long-standing game of catch up to reach the 10 percent threshold.

As more homes are the built the town’s percentage of affordable housing essentially remains the same, even as affordable homes are added. Of the town’s 9,880 year-round housing units, 759 units are designated affordable.

When you add more housing units in town you’re never going to reach that percent of affordable housing stock,” said Gifford.

Every year since 2002, Gifford has filed the same bill with the legislature that would count mobile and manufactured homes as affordable under 40B.

And every year, it’s been ignored.

Gifford says that support from groups such as the Citizens’ Housing and Planning Association (CHAPA) is part of the reason the exception has been shot down.

I think there’s a misconception among people as to why there doesn’t seem to be an appetite to reform 40B,” said Gifford. “Lobbyists for large urban housing champions, specifically I’m referring to CHAPA…who don’t want to see any changes to 40B because they see it as weakening the law.

The change proposed for 40B wouldn’t alter how cities count affordable housing units, Gifford says that “mobile homes” (sic)  aren’t generally found in urban areas, but are prevalent in suburban ones such as Wareham.

To include mobile and manufactured homes in 40B has nothing to do with Boston, it has nothing to do with Lowell, it has nothing to do with Springfield,” said Gifford. “I believe these large housing conglomerates are the ones pushing the resistance to changes in the Chapter 40B law. ##

(Editor’s Note: To see Mary McBrady’s thoughts on MH and affordable housing related issues in Massachusetts, click here.)

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews.

 

 

 

 

Mini IPOs Offer Smaller Investors Opportunity to Invest

June 23rd, 2015 Comments off

crystal ball foto searchA financing option for start-ups, called Regulation A, will allow potential investors of more modest means the opportunity to obtain equity stakes in what could be the next Facebook or Groupon. Instead of promising companies being backed by venture capitalists and wealthy angel investors, these “mini I.P.O.s” will advertise on websites and social media so family, friends and fans can participate in the possible growth of a company that may or may not be publicly traded someday.

Any company that sells securities to investors is required to either register with the Securities and Exchange Commission (SEC), filing regular financial reports, or come up with a legal exemption. Regulation D allows accredited investors with annual incomes of $200,000 or assets of $1 million the opportunity to buy shares, according to nytimes.

Under the original Regulation A, start-ups could accept up to $5 million from unaccredited investors, but the complex financial reporting, SEC regulators approval and vetting by every state in which securities would be sold limited the companies using this option–only seven opted for Reg. A last year, while 22,000 used Regulation D to raise funds.

Regulation A has been revised to alleviate earlier drawbacks, but one of the most critical is the company can now raise up to $50 million instead of $5 million. “We have companies that are eager to do this because they have passionate customers they want to invite in on the deal,” says Ryan Feit, the head of SeedInvest, that previously only worked with accredited investors, and now has clients interested in trying the new regulation.

Entrepreneur Kevin Harrington, who made a fortune doing infomercials and appeared on the TV show Shark Tank as an investor, likes the idea of a small base of owners. “Everybody wants to be a shark. If we have a huge base of small owners, they become very vocal about their involvement, and they can spread the word,” he said.

Regulation A offerings will not be fast or cheap—it takes the SEC on average 300 days to review the application, and the cost of legal, filing and accounting fees can run from $50,000 to $100,000. Venture capitalists and wealthy investors will no doubt be put off by the restrictions and timely application process, and there is a concern that Regulation A will be the last resort for companies rejected by experienced investors.

But at the same time, MHProNews understands smaller investors may find their niche in a slow-growth, smaller company in which they can possibly participate. Phil Paisley heads a company, Interbill, that makes billing software for lawyers. He has sales of $1.5 million annually, is profitable, and hopes to expand his business nationwide through Regulation A by raising $15 million.

He lives in the Bay Area of California, surrounded by venture capitalists. He said, “Some of these angel investors have been very spoiled in being able to invest in something that can go from zero to $1 billion in just a few years. That’s not this business. Our average client is with us for 17 years.” He is seeking a few sharks who share his vision. ##

(Image credit; fotosearch)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

HUD Rule Expands Regulations on Non-Discrimination

February 14th, 2012 Comments off

 Shaun Donovan, HUDHousing Secretary Shaun Donovan recently posted on the HUD blog that a new rule taking effect March 5 will prevent housing discrimination based on sexual orientation or gender identity. Donovan says the need for this rule is clear, particularly when it comes to housing. Contained in the rule are four provisions including an equal access provision making clear that housing that is financed or insured by HUD must be made available without regard to actual or perceived sexual orientation, gender identity, or marital status. Second, by prohibiting owners and operators of HUD-funded housing, or housing whose financing we insure, from inquiring about an applicant’s sexual orientation or gender identity or denying housing on that basis. Third, Donovan says the new rule makes clear that the term “family” includes LGBT individuals and couples as eligible beneficiaries of HUD’s public housing and voucher programs. The rule also expresses that sexual orientation and gender identity cannot be part of any lending decision when it comes to getting an FHA-insured mortgage.

(Image Credit: HUD)

Bachus introduces bill to prevent FEMA from demolishing storm shelters

September 15th, 2011 Comments off

House_Committee_on_Financial_ServicesThe House Committee on Financial Services issued a release that reports Congressman Spencer Bachus (AL-6) introduced legislation to prevent the removal or demolition of storm shelters built to protect school children after the devastating tornadoes in Alabama this past spring. Bachus authored the Community Shelter Protection Act of 2011 in response to a Federal Emergency Management Agency (FEMA) regulation that would force cash-strapped schools to choose between purchasing the storm shelters or having them removed or demolished.  H.R. 2919 is a bill cosponsored by Congressman Robert Aderholt (AL-4), Congressman Jo Bonner (AL-1), Congressman Mo Brooks (AL-5), Congressman Mike Rogers (AL-3), and Congresswoman Terri Sewell (AL-7).  “This misguided policy could put the safety of school children and citizens in communities across Alabama at risk.  It is an example of regulation from Washington gone amok.  Our local school administrators are rightfully alarmed by this rule.  Taxpayers have spent money to build these shelters and it would be ridiculous to spend more taxpayer money to tear them down,” said Bachus.

(Graphic credit: House Financial Services Committee)