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NACA lowers its Charlotte investment - CharlotteObserver.comBusiness
In June 2009, N.C. Gov. Bev Perdue and other officials came to Charlotte for a much-needed economic development announcement.
The Neighborhood Assistance Corporation of America, a Boston-based foreclosure prevention specialist, planned to hire 1,014 new workers in Charlotte over five years and spend $4 million on the expansion. In return, NACA would be eligible for up to $1 million in state job-creation incentives, plus on-the-job training grants.
Months later, before the agreement was finalized in January, NACA asked the state for a number of changes: It wanted to reduce its planned investment to $1.2 million and lower the minimum required wages by 10 percent. The N.C. Commerce Department agreed to the lowered investment but denied the other requests, documents reviewed by the Observer show.
The eleventh-hour haggling is the latest wrinkle in an economic development agreement that included a mix-up last August over how much the state planned to provide in incentives.
The newly requested documents show how behind-the-scenes changes can occur between the time an economic development project is announced and when an agreement is finalized.
N.C. Commerce Department spokesman Tim Crowley said such changes happen from "time to time" but not often. Investments can change for a variety of reasons, including adjustments in the price of land or the cost of upfitting a building, he said.
NACA chief executive Bruce Marks said the organization asked for a lower investment because it rents office space, instead of buying buildings. That meant it would spend less on property and equipment. Marks emphasized the nonprofit still plans to meet the 1,014-job requirement. "It's always been about the jobs," he said.
In other changes requested in October, NACA asked the state to count employees hired before the June 2009 announcement toward the 1,014 jobs it agreed to hire, documents show. The state also denied that request.
Marks said the proposed changes were "non-issues" because they never took effect. "In the end, it was fine," he said.
Proponents of job-creation incentives say they are crucial to producing new jobs, especially in difficult economic times. Opponents such as Robert Orr, executive director of the N.C. Institute for Constitutional Law, say it's unfair to hand taxpayer dollars to businesses that he suspects were likely to expand in the state anyway.
Orr said taxpayers should be informed of changes in agreements, especially since the initial announcements are made with such fanfare.
"I think the public has the right to know when changes are made like this," he said.
The Observer discovered the alterations in a review of e-mails and other documents obtained as part of a public records request.
Under the finalized agreement, NACA is eligible to receive $1 million over five years from the One North Carolina Fund if it hires and maintains the 1,014 workers and retains 102 existing workers.
NACA is required to pay a minimum average wage of $624 per week, keeping with the original terms. The state expects wages to be a little higher, an average of about $36,000 per year. In 2009, private-sector workers in Mecklenburg County earned an average of $52,000 per year.
The group hasn't asked for any payments from the One North Carolina Fund, but Marks said NACA is working on its request. Under the agreement, NACA can receive the first installment - $200,000 - if it can show it created and retained 203 new jobs by Dec. 31, 2009.
NACA has hired more than 550 employees so far, Marks said. He said he expects to hire 2,000 in Charlotte over time - more than the agreement with the state requires.
In addition to boosting staff for foreclosure prevention and loan modification services, Marks is also adding workers who help borrowers obtain NACA's low-interest, no down-payment loans to buy homes. Those are higher-paying jobs, he said.
"We will exceed the average salary," Marks said.
NACA is also eligible for about $2.5 million in on-the-job training grants over three years. Initially, officials said the group was eligible for $1million in on-the-job training assistance. But last August, the Observer reviewed documents that showed NACA had been promised $2.5 million. Commerce Secretary Keith Crisco vowed to fulfill the state's initial obligation.
So far, NACA has received about $833,000 from the state for on-the-job training, about one-third of the $2.5 million.
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The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Recent news:
Economists' Podcast: Lawrence Yun Discusses Market Recovery, the Tax Credit, and Employment (Jan. 12)
Economists' Commentary: Existing-Home Sales and the Tax Credit (Dec. 22)Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
- The price of the home.
- The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Part of NAR's Right Tools, Right Now Initiative
Resources to help you better understand and promote the value of the Home Buyer Tax Credit to consumers are available for FREE or AT COST as part of NAR's Right Tools, Right Now initiative.
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via realtor.org
Sunday, January 10, 2010
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