HBA of Greenville Announces New Builders Risk Insurance Program

Your HBA of Greenville announces a new program for members that will save Home Builders time and money on their ever important Builders Risk Insurance.

Offered through Home Builders Insurance Services, our new Builders Risk Insurance program is underwritten by one of the nation's top insurance companies, Great American Insurance Group. The program will allow members of the Home Builders Association of Greenville to purchase their Builders Risk Insurance policies in an expeditious manner, and at a discount.

Howard Cox of Home Builders Insurance said, "we are excited to bring this new program to the Home Builders Association of Greenville and to be a part of a new opportunity to support the home building industry and the Home Builders Association."

"The roll out of this new program will begin in February," Michael Dey, Executive Vice President of the Home Builders Association of Greenville, said. "Members can make plans now to participate in this program by contacting Home Builders Insurance," he said.

To join the HBA of Greenville Builders Risk Insurance program, contact:

Home Builders Insurance, (864) 527-5912

• David Cox, Producer, dcox@palmettoinsurance.com
• Howard Cox, Producer, hcox@palmettoinsurance.com
• Michael Cox, Producer, mcox@palmettoinsurance.com

DeYoung, Bailey Join Vass Markets Inc.

Leigh Ann DeYoung has been named Vice President, Sales for Vass Markets Inc., and Mary Lindsay Bailey has joined the company as Account Executive. A Greenville native and a graduate of Winthrop University, DeYoung most recently served as Sales Promotions Manager for Clear Channel Broadcasting. Bailey is a Greenville native and a 2010 graduate of Anderson University with a degree in Public Relations and Advertising.

Established in 2003, Vass Markets Inc. serves clients in a variety of industries including residential construction, financial, consumer products, health and wellness, and professional associations including the Home Builders Association of Greenville. Additionally, the company owns and markets a unique line of Greenville merchandise through area retailers and online. For more information, visit www.vassmarkets.com.

HBA of SC Bird Supper is March 30

Since 1970 HBASC Members and South Carolina's legislators have been attending the Bird Supper. It is the longest standing event on the S.C. legislative calendar.

When: March 30, 2011, 6 p.m.
Where: Marriott Downtown, Columbia, SC

Join us as we gather with our legislators over a delicious supper of fried quail, grits, green beans, biscuits and other fine southern cuisine.

Tickets are $35 per person. Contact the Home Builders Association of Greenville at (864) 254-0133.

Builder After Hours at Jeff Lynch Appliance is February 10

The first HBA of Greenville Builder After Hours of 2011 is at Jeff Lynch Appliance.

• Builder After Hours
• Jeff Lynch Appliance, 17 Roper Mountain Road, Greenville
• Thursday, February 10, 6 p.m. until 8 p.m.
• Sponsor: Jeff Lynch Appliance
  

The Builder After Hours is a strictly social gathering. No business is conducted. The host and sponsor will make a few brief remarks, as will the HBA of Greenville president.

Mark Lynch, President of Jeff Lynch Appliance, has announced the following door prizes: $500 Jeff Lynch Shopping Sprees, Team Tailgate Grill, Serta Queen mattress set, Sony Bravia 32” HDTV, Electrolux Beverage Center, Universal Cocktail Table, $100 American Express Gift Cards, and Comfortaire Pillows. You must be present to win.

Don't miss this great evening of networking and fellowship, and a delicious meal.

Click here to register for the Builder After Hours at Jeff Lynch Appliance.

Email proclaiming a new sales tax on homes is false

An email has been circulating in real estate circles that contains inaccurate claims about a new 3.8 percent tax on capital gains income that begins in 2013. The new tax, which is an add on to existing capital gains taxes (scheduled to increase from 15 to 20 percent next year), was enacted as part of the health reform legislation.

However, the email is wrong in that it implies that the 3.8 percent tax is a sales tax or transfer fee-type tax. The 3.8 percent tax is assessed only against certain capital gains income, and it only applies to taxpayers reporting more than $250,000 in income ($200,000 if single).

More importantly for housing, the existing $500,000 / $250,000 gain exclusion for a seller of a principal residence continues to apply, so most principal residences sales by homeowners will not be affected. Some sellers of second homes, with high incomes, may have to pay some additional capital gains tax. However, most of the new tax will fall on the sale of stocks, bonds and financial instruments, which have no gain exclusion rule.

Consider the following, typical example. Suppose a married homeowner sells their principal residence for $500,000, after having purchased the home some years ago for $200,000. The capital gain on the sale is about $300,000. The homeowner is allowed (under Section 121 of the Internal Revenue Code) to exclude from all tax (including the standard capital gains tax and the new 3.8 percent tax) up to $500,000, so there is no tax on the realized $300,000 gain on the home sale.

The 3.8 percent tax is not in any way a sales tax paid on the sales price of the home, for either the home seller or home buyer. NAHB has written about this issue in an April edition of Nation’s Building News. Click here to read that article.

Thompson, Presley honored as HBA of Greenville Builder, Associate of the Year

Builder Brad Thompson, President of First Choice Custom Homes, and Scott Presley, Vice President of Greer State Bank, were honored by your Home Builders Association of Greenville as Builder of the Year, and Associate of the Year, respectively, for 2010.

Thompson and Presley were honored during the HBA of Greenville's General Membership Meeting January 20, 2011, at the Carolina First Center. More than 100 HBA members and guests assembled to honor these and other award winners and to install the 2011 Board of Directors

Guest speaker for the evening was Steven Mungo (pictured with Thompson and Presley), President of the Mungo Company and Immediate Past President of the Home Builders Association of South Carolina. Mungo talked about the importance of adjusting one's business model to the new economy in order to survive, and made reference to the book, "Who Moved My Cheese?", and recommended it to members as a source of inspiration.

Also honored Thursday evening was The Honorable Bill Sandifer of the South Carolina House of Representives and Chairman of the House Labor, Commerce, and Industry Committee. Sandifer received the South Carolina Champion of Housing Award for his contributions to the Home Building industry and support of the association during its battle over Automatic Fire Sprinklers in 2010. In presenting the award, HBA Executive Vice President Michael Dey called Rep. Sandifer, "a true friend of Home Builders."

Several HBA members also were honored during the evening:

2010 Commitee Chairmen:

• Barbara Ryan, Atherton Company, Sales and Marketing Committee
• Robert Markel, CGR, Hadrian Construction, Remodelers Committee
• Scott Presley, Greer State Bank, Bylaws Committee
• Coleman Shouse, Lazarus Shouse Communities, Legislative Committee
• Wayne Moore, Harold Moore Builder, Home Show Committee
• Brad Thompson, First Choice Custom Homes, and Angela Santerini, Allora, Membership Committee

2010 Committee Chairman of the Year:
Brad Thompson, First Choice Custom Homes, Membership Committee

2010 Membership Award:
Angela Santerini, Allora

2010 Rookie of the Year:
Deanna Long, Yoder's Building Supply

Spirit of the HBA Award:
Elizabeth Stronkowsky, North Main Building and Design

President's Citation Award:
Laura Majszak, Premier Garage
Scott Presley, Greer State Bank

Also Thursday evening, the 2001 Board of Directors was installed. The ceremony featured the installation of the 2011 President of the HBA of Greenville, Wayne Moore. The 2011 Board of Directors includes:

• Wayne Moore, Harold Moore Builder, President
• Hal Dillard, H. Dillard Company, President Elect
• Robert Markel, CGR, Hadrian Construction Company, Vice President
• Scott Presley, Greer State Bank, Associate Vice President
• Scott Lynch, Hollison Custom Homes, Secretary
• Chuck Childress, BB&T, Treasurer
• Tom Dillard, Dillard-Jones Builders, Immediate Past President
• Richard Powers, Piedmont Natural Gas, President’s Appointee
• Tom Ward, Home Team Pest Defense, Director
• Eric Hedrick, Cornerstone Contractors, Director
• Brad Thompson, First Choice Custom Homes, Director
• Dan Rawls, Director
• Michael Cox, Home Builders Insurance, Director
• Jim Blume, First Savers Bank, Director
• Alan Boone, Advanced Renovations, Director
• Mike Freeman, Freewood Builders, Director
• Larry Hazenfield, ProBuild, Director
• Lou Hutchings, GBS Lumber, Director
• Hardy Peters, Reedy Construction, Director
• Chris Bailey, Stoneledge Properties, Director
• Seabrook Marchant, The Marchant Company, Ex-Officio Director

Please take a moment to congratulate all who where honored this week.

The evening was sponsored by ten companies that offered a table-top display for the evening's participants to visit:Steamatic

• James Hardie
• Homes and Land Magazine
• Great Outdoors
• Capital Bank
• Heirloom Stair & Iron
• Priority One Security
• Palmetto Exterminators
• Lowe’s of Greer
• Homeowners Mortgage

Please thank these companies for their support of your HBA of Greenville.

FDIC sets up hotline for builders to call about lending issues

To: NAHB Members
From: Bob Nielsen, 2011 NAHB Chairman of the Board
Re: FDIC Hotline

I want to let you know about a unique opportunity now available through the Federal Deposit Insurance Corp. (FDIC) that may help address your difficulties in obtaining financing for your business.

The acquisition, development and construction (AD&C) credit crisis continues to jeopardize the livelihoods of countless home builders and threatens to derail the fragile housing recovery now under way. Alleviating a crippling drought of AD&C lending remains our top priority.

After hosting a recent symposium to examine the credit problems that small businesses are facing, the FDIC has moved to create a hotline and website that allows small business owners to make inquiries with FDIC officials or to register their specific issues or problems they may have concerning credit availability.

The bulk of our membership is comprised of small businesses. This is your chance to weigh in directly with the FDIC to discuss any business constraints you are facing due to the scarcity of credit for housing. Any home builder, developer or associate who is unable to obtain financing, is having a hard time with an outstanding AD&C loan or feels that they have been treated unfairly by their lending institution should alert the FDIC either through the hotline or their website.

Calling 866-924-NAHB (866-924-6242) will patch you through to the FDIC’s hotline, where you can discuss your specific situation if you choose not to fill out a business assistance form on the FDIC website. Be aware that you will be talking to a live FDIC representative, so have your information at hand. The hotline is operational Monday through Friday, 8 a.m. to 8 p.m., Eastern Standard Time.

To provide more details, the FDIC has created a dedicated website for small businesses at www.fdic.gov/smallbusiness. Go to the website and then click on the Business Assistance Form at the bottom of the page. This will allow you to fill in information and provide details about lending or credit problems you are having with a specific bank or financial institution. It is our hope that the FDIC will follow through and respond to any inquiries it receives.

NAHB is launching new initiatives to combat the AD&C credit crisis and a strong member response to the FDIC hotline will help raise greater awareness of the AD&C credit problems builders are facing and support our efforts to find constructive solutions that will restore the flow of credit to our industry. So once again, I urge you to contact the FDIC today! It is absolutely essential if we are to keep our fellow builders on the job and help our industry rebound from the worst downturn in decades.