Co-Founder of Chatham Builders Guild Named Builder of the Year

Congrats to Mike Tarr of Commonwealth Construction & Design, a member of the Chatham Builder Guild. He has been named 2009 Builder of the Year by the Home Builders Association (HBA) of Durham, Orange, and Chatham Counties.

This coveted award is presented annually to a builder member of the association who has demonstrated dedication to the home building industry through leadership and participation in industry-related events. It is also intended to take into account the long term contributions of the person recognized.

The award was presented to Tarr at the January HBA Awards and Installation of Officers meeting by Frank Wiesner and Michele Myers, both past Builder of the Year recipients.

Tarr was a founding member of the Chatham Builder Guild, a select group of award-winning builders created to provide custom homes in Briar Chapel. If you would like more information on custom homes in this green community, please contact Peter Winkler.

Briar Chapel Helps Bring Glenn Miller Orchestra to Northwood High School

Northwood High School's Jazz Ensemble will present a special concert for the community on Tuesday, February 9, at 7 p.m. at NHS’s newly renovated Benjamin J. Lee Auditorium.

In addition to the Jazz Ensemble, the world famous Glenn Miller Orchestra will also perform at the concert. Originally formed in 1937, they have recorded a number of hits over the years, including "Tuxedo Junction," "Chattanooga Choo Choo" and "(I've Got a Gal In) Kalamazoo."

Tickets to the concert are available online until January 26 and thereafter, if any tickets remain, at the door. Reserved seats are $10 and General Admission is only $5. Profits will underwrite the Jazz Ensemble trip to Florida next month to compete in the internationally recognized Disney Jazz Celebration.

Partial funding for the Glenn Miller Orchestra was provided by ChathamArts & Briar Chapel.

Home Buyer Tax Credit – Who Gets What?

I continue to get questions from my clients regarding the recently extended & expanded homebuyer tax credit, so I thought I would provide readers with a brief overview...

Who qualifies as a First Time Home Buyer?

For the purposes of the tax credit program, a first time homebuyer is anyone who has not owned a primary residence in the previous 36 months. The credit for FTHBs is 10% of the purchase price with a maximum available credit of $8,000. This applies to single taxpayers and married couples.

Who qualifies as a Current Owners?

The tax credit program now gives those who have owned and occupied a primary residence for a period of five consecutive years during the last eight years an incentive in the form of a tax credit of up to $6,500. Single taxpayers and married couples filing a joint return may qualify for the full credit amount.

What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

What are the Income Caps?
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn more than $245,000 are ineligible.

What is the Maximum Purchase Price?
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

What is a Tax Credit?
A tax credit is a direct reduction in tax liability owed by and individual to the IRS. In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 26 months of ownership is no longer and individual’s primary residence.

Want to learn more?
For more detailed information, please visit the IRS or NAHB websites. I also recommend that you check out this whitepaper, which addresses many of the questions my clients have been asking.

Note: This information is not intended as tax or financial advice. It is strongly recommended that you consult with your tax and financial advisor prior to making any decisions about your tax situation.

Does Your Home Have Leaks?

Is your home able to handle the cold? It would be if you lived in Briar Chapel.

That's because all homes built in Briar Chapel must meet or exceed a Bronze rating in the GHBT Certification Program*, and be certified by a third-party auditor (Southern Energy Management).

In fact, Briar Chapel is the first community in the Triangle to require homebuilders to comply with the rigorous new home construction requirements and third-party testing of the North Carolina Green Build Initiative, in order to create high performance, healthier homes with measurable cost savings for its residents and contribute to an improved quality of life.

If you're ready to upgrade to a home in Briar Chapel, please contact me to schedule a private tour. Otherwise, I encourage you to get in touch with your power or gas company and ask about a home energy audit. PSNC Energy, for example, began offering $25 energy audits this fall for houses built before 1993. In addition, Duke Energy now offers free audits for home-owning customers who have electric water heaters or electric heat. As a Certified EcoBroker, I would be happy to recommend additional steps you can take to improve the efficiency of your home, save money and live comfortably.

* Note: The GHBT program is in the process of switching to the National Green Building Standard as the basis for certification.