As we all look for signs of an improving national economy, one of the best places to start is right here in California. Homebuyers in California have been taking significant advantage a $10,000 tax credit available for the purchase of a new home that was made available in March. The program has been so successful in reducing inventory and in many cases putting people back to work, that the program is at risk for running out of funds very soon.
If use of the state homebuyer tax credits continues at its current pace - 82 percent of the tax credit funding is already claimed after three months - they will be gone in early July. During the first week of June for example, over one thousand homebuyer tax credits were claimed– the highest weekly total yet – putting California close to being out of funding authority for this successful home-purchase incentive program.
Due to the popularity of the first round of the tax credits, the state legislature has taken action to renew the tax credits and raise the cap from $100 to $300 million. AB 765 overwhelmingly passed the Assembly on June 1 and is currently in the Senate.
BIA/LAV is pleased to announce a new networking opportunity :
Members Mini Mixer
Member Mini Mixer will be held on the second Monday of each month, organized by a builder, Board Member or other leader of the BIA/LAV chapter. Locations rotate around Los Angeles and Ventura counties. Cost: $15 (includes 1 drink) - Pre registration is required as space is limited!!! Continue networking and stay for dinner at your own expense. See flyer for details.
The Building Industry Association / Los Angeles Ventura Chapter (BIA/LAV) is comprised of approximately 550 companies involved in every aspect of building homes and creating thriving communities for a growing and diverse population.
BIA/LAV exists to provide leadership on public policy issues that promote building quality communities for the region’s growing population, to increase the public appreciation of the importance of housing and those who provide it, and to facilitate improved business opportunities for its members.
At the forefront of the housing issues facing Los Angeles and Ventura counties, BIA/LAV is committed to increasing homeownership opportunities for the current and future residents of our region. To reach this goal, BIA/LAV works alongside elected officials, community leaders and organizations to come up with credible solutions to the housing crisis. In a region plagued by chronic underproduction of housing for its burgeoning population, the BIA/LAV advocates for policies that will reduce regulations, fees and government bureaucracy.
BIA/LAV acts as the industry voice in local government on issues that affect its member companies. BIA/LAV and its members are dedicated to meeting the demand by creating communities that families are proud to call home.
Member Mini Mixers will be held on the second Monday of each month, organized by a builder, Board Member or other leader of the BIA/LAV chapter. Locations rotate around the Los Angeles and Ventura counties.
