New Jersey Real Estate

A complete and carefully prepared set of building plans is the real “foundation” of any building. It’s difficult to place a value on the architectural design because it not only conveys most of the intangible artistic elements that will give the building its unique “personality”, but it includes the technical information required by the craftsmen who will work on the project.

A good set of architectural plans will include enough information for any qualified builder to get complete and comparable bids from all of the major trades who will be required for the project. The goal of the owner should be to provide the contractors, the lender, and the congregation with enough details and specifications that all major questions regarding construction are answered in the architectural plans. A good set of architectural plans will reduce misunderstandings and errors and should foster a well-organized and efficient building project. All of which translates into time and money saved. Incomplete plans invite change orders, conflict, poor scheduling, and extra cost. Assumptions can kill a building project. Good plans reduce assumptions.

The plans and specifications also give the owner and the architect a means of judging the performance of the craftsmen on the job. If the plans call for 4000 lb. concrete and 95% compaction of the subgrade, these are verifiable standards of performance which must be met by the contractor. Simply put, an investment in good architectural plans can save a church more than just money. Read the rest of this entry »

The last few years have been tough on state budgets. Figures released by the Center on Budget and Policy Priorities (CBPP) show that during fiscal years 2009, 2010 and 2011, states had a collective $430 billion budget shortfall. The CBPP estimates that fiscal year 2012 won’t be much better, with a combined shortfall of nearly $125 billion. With such large gaps to fill, state governments are considering cuts to every program – including housing-related tax credits.

For the last few months, California has been getting most of the attention where affordable housing policy is concerned. But California Governor Jerry Brown isn’t the only state leader with plans to reduce housing funding. Missouri, which already cut its historic tax credits program nearly in half, is considering legislation that would limit housing projects to just one type of tax credit. In other words, if a developer opted to use low-income housing credits, he would be prohibited from using historic credits for the same project. It’s a move that could have serious repercussions for housing developers, who often use multiple sources of funding to move their projects forward. In order to offer homes or apartments at below-market rates, developers need to off-set their costs as much as possible, and that goal is often achieved using multiple tax credit programs.

Another Missouri bill would ban tax credit recipients from making campaign contributions for the two years after credits were awarded. Similarly, anyone who makes campaign contributions is banned from receiving tax credits for two years after the last contribution was made. The bans apply, but are not exclusive, to all housing-related credits including low-income housing, brownfield redevelopment, and historic tax credits. Opponents of this measure believe it will simply lead to fewer campaign contributions by developers, rather than decreasing the amount of tax credit dollars allocated in any given year – which is supposed to be the goal of the bill. Read the rest of this entry »