LHBA chief: State’s housing market still viable for buyers

Dear Editor:

With so much news coming out of the nation’s Capitol about bailouts and stimulus packages, it’s difficult to determine how or if any of the action can directly benefit us.

The good news is that one part of the stimulus package signed by Congress can help homebuyers in Louisiana. The package stipulates that new home buyers can receive an $8,000 tax credit for homes purchased in 2009, and unlike the tax credit passed last summer, this tax credit does not have to be repaid.

The sunset date for this tax credit extends through Dec. 1, so consumers can utilize it during the peak summer and fall buying months.

The package also allows home buyers to participate in the mortgage revenue bond program, whereby state housing finance agencies can advance to the home buyer at the time of closing the tax credit amount as a loan, using tax-exempt bond proceeds.

This tax credit plan comes on top of others incentives that make now a great time to buy a home in Louisiana.

Interest rates are at a record low, loans are available – and the government is helping banks further “loosen” up credit – and a good inventory of quality homes is available throughout the state’s various markets. Louisiana’s housing market is not like the rest – our state has not experienced the high foreclosure rates and rapid decline in values suffered by other states.

Rather, our market has remained fairly stable, making owning a home in Louisiana one of the best investments you can make in these uncertain times.

The Louisiana Home Builders Association is working with homebuyers to better inform them of the current economic conditions and the various incentive options that are available. Visit www.LAhomeownership.com for more information, or contact the LHBA central office at (225) 387-2714 for a listing of licensed, professional builders in your area whom you can consult for answers to your questions.

Phil Hoffman,

President, Louisiana Home Builders Association