‘Tax credits! Get your tax credits!’

Local builders are pretty sure you’ve heard of the two big tax credits for buying a new home, but a friendly reminder never hurts.

The Home Builders Association of Richmond last week launched RightHouseRightNow.com, a website that has news about the two federal tax credit programs as well as a listing of new homes for sale in the Richmond region. Read more

Local housing market improving?

Move over, McMansion.

The home-building industry is starting to emerge from deep hibernation. And some builders around town say it’s the smaller homes that people will want to buy.

Between June and August, Chesterfield County issued 236 permits for single-family homes, only three less than was issued during the same three months in 2008. Read more

Rainwater rules cast cloud over development

Blame it on the rain.

Developers are lining up in opposition to new storm water requirements they say will dramatically increase the cost of development in the commonwealth, and may even scare off the sort of large companies that could bring thousands of new jobs.

The proposed regulations, part of Gov. Tim Kaine’s environmental agenda, would reduce the amount of phosphate runoff permitted by new developments from .45 pounds per acre a year to .28 pounds. Environmental advocates say that will help improve the water quality in the Chesapeake Bay. Read more

James River Exteriors wins Home Building Assoc. awards

Richmond, VA, June  3, 2009 – Three projects by James River Exteriors (JRE) were awarded best in their category at the second annual Home Building Association of Richmond’s (HBAR’s)  Excellence in Remodeling 2009 Awards. JRE’s winning entries were for Façade Residential, Outdoor Living and Commercial categories. Read more

Local builder files for bankruptcy protection

Prospect Homes, a local homebuilder for more than 25 years, filed for Chapter 11 bankruptcy Tuesday.

The company, owned by President Joe Audi, owes creditors between $50 million and $100 million, according to the filing. More than 200 companies and individuals are owed money.

Many businesses listed as creditors were not surprised by the news, as checks had been late in arriving for at least six months. But several local business owners said they kept working with Prospect after Audi met with them, in part because they wanted future work and had known the company for decades. Read more

Bright spots for homebuilders

Homebuilders have been eerily silent the past few quarters, but for builders in Chesterfield County, the market is starting to turn around.

The county issued 291 residential building permits in April, 7 percent fewer than the same month last year. That’s a dramatic improvement over January, when permitting activity was down 58 percent from the previous year. Slow construction continued in the county through February and March, with permitting activity off almost 40 percent from the year before. Read more