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NAHB to Congress: Keep Housing Tax Incentives

April 25th, 2013 Comments off

During testimony before the House Ways and Means Committee on residential real estate and tax reform, Robert Dietz of the National Association of Home Builders (NAHB), noting 40 percent of renters pay more than 30 percent of their income for household rent, urged Congress to maintain the mortgage interest deduction, the Low Income Housing Tax Credit (LIHTC), and real estate tax deductions. He says LIHTC is the most effective tool for creating affordable housing, but the demand exceeds the financing capability of the program. “The solution is not to eliminate the most successful affordable housing program in the country, but to provide it with the resources necessary to address the shortage of affordable housing options in our cities and towns,” added Dietz. He said 70 percent of homeowners with a mortgage claimed the mortgage interest deduction in 2009; and homeowners pay $300 billion each year in real estate taxes, but that is not something in the federal tax debate. As MHProNews has learned, building 100 single-family homes creates more than 300 full-time jobs and generates $8.9 million in federal, state and local tax revenues that feeds into local communities and schools. “Housing provides the momentum behind an economic recovery because home building and associated businesses employ such a wide range of workers. With the right policies in place, housing can be a key engine of job growth that this country needs,” said Dietz.

(Image credit: firstbanktrust)

Bi-partisan Measure Introduced to Ease Tight Credit

March 20th, 2013 Comments off

The National Association of Home Builders (NAHB) reports bipartisan legislation has been introduced in the House of Representatives to ease credit for the nation’s home builders. Sponsored by Reps. Carolyn McCarthy (D-NY) and Gary Miller (R-CA), H. R. 1255, the Home Construction Lending Regulatory Improvement Act, would address regulatory obstacles to builders’ ability to obtain construction loans. Jobs and taxes are being lost in the wake of tight credit resulting from the housing downturn. The construction of 100 new homes creates over 100 full-time jobs and generates $8.9 million in local, state, and federal revenues. As MHProNews reported April 10, 2012, Rep. Miller co-sponsored the Preserving Access to Manufactured Housing Act that was intended to rescind provisions of the Safe Act and Dodd-Frank that hamper financing for would-be manufactured home buyers.

(Photo credit: HousingWire)

NAHB Responds to President Obama’s Speech

February 15th, 2013 Comments off

Following President Barack Obama’s State of the Union address, Rick Judson, chairman of the National Association of Home Builders (NAHB), issued the following statement: “Extremely tight mortgage credit conditions are hampering the housing recovery and hurting job growth. The nation’s home builders were very pleased to hear President Obama acknowledge this fact when he said ‘too many families with solid credit who want to buy a home are being rejected.’ The President further noted that the housing sector must be involved in the rebuilding effort and we wholeheartedly agree. Building 100,000 homes creates 300,000 full-time jobs. With the right policies in place, housing can continue to lead the economy forward. NAHB stands ready to work with the Administration, Congress and regulators to ease restrictive lending requirements so that qualified home buyers can obtain affordable home loans and to open up the lines of credit for home builders so they can meet growing demand in communities across the nation.”

(Photo credit: National Association of Home Builders–modular under construction)

New Modular Plant to Open in New Jersey

August 8th, 2012 Comments off

NJ.com says the city of Bridgeton, New Jersey will be the site of the state’s first and only green modular home manufacturing plant. Located in the southwestern part of the state and known for its industrial base, Renewable Jersey, LLC will utilize three of the four warehouses, originally used by Hunt’s Tomato, for assembly, training, and storage. The fourth building will be torn down and replaced with office space. Leslie A. Anderson, executive director of the New Jersey Redevelopment Authority (NJRA), which is giving a bond to the project, says, “ The project, which is located in Bridgeton’s Urban Enterprise Zone, the Federal Empowerment Zone and the Enterprise Community and Renewable Community, will have numerous benefits for the community.” MHProNews has learned the facility is expected to create 128 full-time jobs within the first year.

(Photo credit: Dickinson Modular Homes)