Green Building – Tax and Rebate Benefit for Homeowners

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There are always tax benefits for taxpayers who own their own home. New home buyers and remodeling homeowners can accrue tax credits when using green building techniques. Congress established these energy-efficiency tax incentives in 2005 which include tax code section 45L credit for the construction of energy efficient homes, 25C credit for retrofitting/remodeling existing homes and 25D credit for the installation of power production property in new and existing homes.

The National Association of Home Builders (NAHB) believes that green building is so important that they started to promote the concept in 2004 and created the first certification program for using green building techniques calledgreen building in louisiana Certified Green Builder.  A good majority of new home builders and remodelers are Certified Green Builders which include some of the top builders in St. Tammany Parish. In fact, some of the builders who build homes in Bedico Creek are Certified Green Builders.

There are many green building techniques that are used today which include double and even triple pane energy efficient windows that will keep in heat or keep solar energy out (Low-E and Argon gas windows), green roofs or cool roofs which will either absorb or reflect heat, high performance insulation that is design to seal a home more effectively against elements, enhanced ventilation that moves heat and cool air through the home, ceiling fans, water conservation fixtures, solar power, wind power, thermal solutions (high efficiency HVAC systems and programmable thermostats), ENERGY STAR® appliances and paint which stands up to harsh elements.

Where can we find the residential energy credits? Windows such as Low-E and Argon gas windows, high performance insulation, roof improvements, energy efficient doors, and ENERGY STAR® water heaters / AC’s / heat pumps can be applied toward the 25C credit. Be aware of the rule changes to the 25C credit which include a 10% rate and a $500 lifetime cap. Data indicates that roof improvements are the biggest claims for the 25C credit. The 25D is the more popular of the two tax codes.  The credits can be applied through the use of solar electric, solar water heating, wind turbines, geothermal heat pumps and fuel cells. Solar electrical remodeling won for the most claimed activity for the 25D credit. In 2012, the latest IRS tax data, $1.9 billion cost for solar electric and $700 million for geothermal heat pumps qualified for the 25D credit.  The total for 2012 was $3 billion in qualified installations that were connected to the 25D.

Going green has two great benefits for the consumer as a homeowner and a taxpayer, you not only save on your monthly energy bills but you can save on your taxes with these tax credits. Builders also benefit and should consider incorporating the 25C and 25D qualified green building products into new housing and remodeling projects.

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Old Mandeville Residents Discuss New Ordinance

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The Mandeville city’s lakefront, known as the “crown jewel” of Mandeville and St. Tammany Parish is quite the talk of the town lately. On July 23, 2015, the Mandeville City Council  voted 3-1 to establish an ordinance that will allow special events at four designated areas The Mandeville Trailhead of the Tammany Trace, Sunset Point, the east end at the harbor, and about a three-and-a-half block area just west of Girod St. to the east of Ravine aux Coquille.  The ordinance will not block the public events such as festivals, concerts and road races, but will mandate the exact area in which the events will be held.

The City Council believes that the ordinance will help to “preserve and protect the lakefront for the entire community.” Many Old Mandeville residents feel it will help preserve the grand homes and the irreplaceable oak trees around the lakefront, which will help ensure the city’s old world charm and unique character. Homeowners Old Mandeville Lakefronthave concerns regarding noise levels and crowds. Numerous complaints from homeowners have been received by the city regarding lakefront events with concerns such as noise, traffic and trash. An amendment to prohibit “amplified music” was proposed but dropped for fear of the negative impact it would have on big events such as the annual Louisiana Philharmonic Orchestra concert on the lakefront.

On the flip side, Donald Villere, Mandeville’s mayor, vetoed the ordinance approval that restricts where special events can be held in the city. He believes that it will only hinder the community by eliminating a nice portion of the lakefront where people hold special events.  The majority of the area specifically prohibited by the ordinance’s includes the widest and shadiest portion of the shoreline.

Villere commented that, “This ordinance is not only bad policy; it stands against the core values Mandeville was founded on.”  The Mandeville Family Reunion event held every year uses the lakefront as their picnic area. Members are distraught with the idea of having to lose the lakefront spot.

Even with homeowners’ concerns, the land which consists of the Mandeville lakefront is zoned as mixed use of residential and commercial developments. Because of this Mandeville’s growing population and the lakefront’s popularity is bringing a demand for more development. Younger families are attracted to the live, work and play feel of the community.  Brad Del Rio says he likes the neighborhood’s “walkability,” which allows him to amble to restaurants, retail shops and other businesses.

The fight might be a moot point as a new residential and retail development, Port Marigny, with approximately 500 housing units, retail outlets including a grocery store, four restaurants, a boutique hotel, a public park, a marina and promenade is slated to be built on 78-acres west of the Mandeville Lakefront. New Urbanism expert Steven Oubre says, “Old Mandeville is one of the most unique and special places in all of Louisiana. We are taking that context and expanding it to create Port Marigny.” Port Marigny will be built where the old Pre-Stressed Concrete Products plant sits. The new community will highlight the Old Mandeville charm, observing its ambiance and nuances.  Mandeville’s lakefront and city might very well be redefined by the Port Marigny project.

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Commercial Development in Covington Offers Shopping / Dining

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Conveniently located off Interstate 12 in Covington near Madisonville, Pinnacle at Nord du Lac Shopping Center has just about anything you might need. The 300,000 square-foot main district shopping center made its debut in the fall of 2010 and includes big retailers such as Academy Sports and Outdoors, Kohl’s, Kirkland’s, Petco, Hobby Lobby and restaurants that include Texas Roadhouse, Olive Garden and Cracker Barrel.

The commercial development in Covington is owned by MAA, a Memphis, Tennessee, based company but the local Louisiana Gulf States Real Estate Services has taken over leasing, sales and on-site management. Many retailers have been scoping the New Orleans market and the north shore as a great spot for them to open new stores. In fact, Gulf States Real Estate Services has been talking to new tenants who might indeed choose Pinnacle at Nord du Lac Shopping Center to open their new locations.

Gulf States Real Estate Services President, Mike Saucier, has big plans to entice potential tenants to the shopping center. Part of the plans includes a “town center-type” retail development that will incorporate small parks on theCommercial Development in Covington west side of the property. The local management company, along with Mike Saucier, already paved the way for the shopping center’s success when it first opened by participating in the rest stop conversion on I-12. The land east of Pinnacle at Nord du Lac Shopping Center is the location of the St. Tammany Parish future cultural district. The district will consist of a children’s museum and performing arts center. The convenience for many neighborhoods makes the Northshore a great place for new retail.

The new commercial development in Covington  of Pinnacle at Nord du Lac is located only 5.8 miles from Bedico Creek, a master planned community located in Madisonville, LA. Even though the shopping center’s location address is Covington, this shopping and dining facility is convenient for home buyers looking to buy or build a new, custom home in St. Tammany Parish. For More Information, Call 985-845-4200 or E-mail Info@LiveBedico.com.

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Housing Finance System to Get a Boost from Ginnie Mae

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Federal Home Loan Banks (FHLBanks) are an important component of the housing finance system and were sanctioned by Congress to meet the credit needs of communities everywhere in all economic cycles by providing liquidity for mortgage lending. There are 11 regional FHLBanks which supply low-cost funding to upwards of 7,400 members that include community banks, credit unions, insurance companies and community development financial institutions throughout the United States. The Mortgage Partnership Finance (MPF) programs provide FHLBanks’ members resources to sell their mortgages to secondary market agencies which allow community banks to compete with mortgage loans and competitive pricing. These institutions in turn can provide housing finance for low rates to future homebuyers, better lending standards and community investment opportunities to the local markets.  This program will be a great benefit to departments such as the Department of Rural Development Loans which is committed to the future of rural communities – the role of which is to increase rural residents’ economic opportunities and improve their quality of life.

The FHLBanks have teamed up with Government National Mortgage Association (Ginnie Mae) and created a program that will lend a helping hand to improve liquidity in the mortgage markets, provide more competitive pricing for consumers and increase credit availability. MPF issued its first $5 million security guaranteed by Ginnie Mae which is made up of a mix of loans.  It includes over 50% in the RHS category, a majority of VA loans and the remainder FHA loans. The Federal Home Loan Bank of Chicago and Ginnie Mae already have a program set in place that helps FHLBank members to sell their Federal Housing Administration (FHA), Department of Veterans Affairs (VA), and Rural Housing Services (RHS) loans into Ginnie Mae securities.

“This is an important milestone for the MPF program,” said Matt Feldman, president of the FLHBank of Chicago. “Ginnies are among the most liquid financial instruments in the world, and this new product allows us to enable FHLBank members to offer competitive FHA, VA and Government Guaranteed Native American and Rural Housing mortgages.”  Ginnie Mae President Ted Tozer said.

“Now they can connect directly to the capital markets, improving the home financing options they can offer to their customers without the burden of having to individually obtain and maintain Ginnie Mae approval,” he added. Now local community banks and local lenders can compete with national large banks and pass the savings and improved home loan financing options to their consumers.

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