Tennessee Home Builders are joining an industry-wide call for additional housing stimulus measures.
Congress passed a $7500 tax credit for first-time homebuyers last year. That money has to be repaid eventually. The National Association of Home Builders wants to see a larger tax credit for all home purchases this year and lower interest rates for fixed mortgages.
John Montgomery is president of Carbine and Associates in Franklin, where development in recent years has created one of the wealthiest counties in the country.
“Things should never be bad in –quote– ‘Mighty Williamson County,’ but in 2008, our permits have dropped 65 percent from just two years ago.”
Montgomery says the recent tax credits haven’t had a measurable impact. His company has laid-off more than half its staff. He says builders are no longer working for a profit, but just to break even.
The Home Builders Association says its proposal could create 12,000 jobs in Tennessee.
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