Addressing AD&C Credit and other industry concerns
Revive Housing; Restore America

See what's been accomplished and what remains to be done below

Many members have expressed concern about problems with acquisition, development & construction lending, and problems being caused by new appraisal regulations.  The HBACT set up meetings in August to address these issues with Connecticut's Congressional leaders.  Members were able to meet with Reps. Joe Courtney (D), Jim Himes (D) and Chris Murphy (D) to share their concerns about problems that could deal the housing industry a setback at a time when it is just beginning to show hopeful signs of a turnaround.   Below, members meet with Rep. Himes in his Bridgeport office:  Barry Rosa, Jerry Effren, Clay Fowler, Himes, Mary Boudrea, HBRA President, Greg Ugalde, Connecticut's Representative to NAHB, Lisa Kidder, HBACT staff, Nick Barille and Matt Wallace.

They shared their personal experiences regarding the difficulty of obtaining financing, even among builders with good credit and performing loans; sales lost due to faulty appraisals; and the favorable impact of the $8,000 tax credit for first-time home buyers.

At a meeting with HBA of Hartford County and Builders Association of Eastern CT,  Rep. Courtney told members he supports extending the tax credit for an additional year and expanding it to all qualified buyers of principal homes. The latter would be especially helpful in Connecticut’s more expensive housing markets, the builders said, where high prices for prospective first-time home buyers have limited the impact of the current credit.  More than 50 members attended the meeting, along with representatives from the Connecticut Business and Industry Association.  Below, Chris Nelson, HBA of Hartford County President, George LaCava, HBACT president, Courtney, Greg Ugalde, Larry Fiano, Bob Hanbury and Bill Ethier, CEO of HBACT gathered for a photo after the meeting.

In a telephone conversation with Bill Ethier, Sen. Christopher Dodd (D) said he supported expanding the tax credit. The HBACT is still working to set up meetings with Sens. Dodd and Lieberman, so we still need to hear from members who are struggling with these issues.

We would like to offer as many specific cases as possible, to give our legislators information they can use to push regulators to restore AD&C lending and bring some common sense back to the appraisal process.  NAHB officials are also working on these issues and updates will be posted as information becomes available.

If you are having problems with these issues, please fill out this case history form and fax it to the HBACT office, 860-521-3107, or send an e-mail to admin@hbact.org.  If you are willing to attend a meeting and speak to legislators or speak with reporters, please let us know that as well.   

Watch your e-mail in the coming weeks for Government Affairs Alerts on our progress.  And read below for details on NAHB's Revive Housing, Restore America campaign, which focuses on the same issues and a few more.

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NAHB has launched a national lobbying campaign to focus legislators attention on the problems in the home building industry, especially those problems that are being complicated by overzealous regulations at time when the industry is struggling to get back on its feet.

NAHB is asking Congress to do the following:

1.  Extend the $8,000 home buyer tax credit until December 1, 2010; make all homebuyers eligible for the credit (ACCOMPLISHED)

2.  Correct appraisal practices that are unncessarily driving down home values (REMAINS TO BE DONE)

3.  Improve acquisition, development and construction (AD&C) credit conditions (REMAINS TO BE DONE)

4.  Support net operating loss relief bills HR 2452 (House of Representatives) and S 823 (Senate) (ACCOMPLISHED)

You can read more about this program and what you can do to help:  Summary of Key Program Goals. 
If you'd like to send letters to your Senator or Representatives, use these formatted letters on the issue: AD&C, Appraisals. 
More reading: talking points on all four issues and background information

To contact your Senator: www.senate.gov
To contact your Representative: www.house.gov

Links to these resources can also be found on NAHB's site:  www.nahb.com.

If you do contact your legislators about these issues, please contact Bill Ethier bethier@hbact.org, or Lisa Kidder lkidder@hbact.org, or NAHB, BuilderLink@nahb.com. to provide feedback on your conversation.