Phoenix, AZ (PressExposure) April 24, 2009 -- With President Obama's extension of the Housing and Economic Recovery Act of 2008, which was signed into law on February 17 and established the First-Time Home Buyers Tax Credit, today's Manufactured Home has never been more affordable for first-time home buyers. This credit is available for first-time home buyers, with the maximum credit amount of $8,000 available for homes purchased between January 1, 2009 and December 31, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
This new tax credit does not need to be repaid unless the home is sold within three years. Also, the credit is refundable and can still be claimed if the taxpayer has little or no federal income to offset. Should that be the case, the IRS will issue a check to the home buyer for the difference between the tax due and the amount of the credit. The tax credit is also available for home buyers who receive government sponsored down-payment assistance.
Any new or resale home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes and houseboats, and can be real or personal property.
With the crisis in affordable housing continuing across America, Manufactured Housing offers a unique source of quality, non subsidized homes that provide exceptional value. With an average per-square foot cost ranging from 10 to 35 percent less than site-built homes, depending on geographic region, today's Manufactured Homes provide homebuyers with the best value to be found in the housing marketplace.
The economic impact of manufactured housing in the state of Arizona is very positive. According to the Manufactured Housing Institute (MHI), the market share for manufactured and modular housing increased during 2008. Affordability is a key factor in the growth of manufactured housing and one of the main reasons increasing numbers of consumers are choosing a manufactured home. It remains an overall better value than site-built homes, even in this decreasing value based market. And the tax credits available for many first-time homebuyers makes manufactured housing even more attractive. And the manufactured housing adds a significant amount to Arizona's yearly economy; the manufactured housing industry alone employs almost 5,500 people, with wages approaching $191,000,000.
The cost effectiveness of Manufactured Housing can be attributed to a number of efficiencies that are inherent to the quality of the factory-built process. The controlled environment and assembly-line techniques help manufacturers avoid many of the problems encountered with site-built construction, including inclement weather, theft, vandalism and damage to building products and materials stored on site. Also, factory employees are scheduled and managed more effectively and efficiently, as opposed to contracted labor employed by the site-built housing industry.
Manufactured Home building also benefits from the ability to purchase large quantities of building materials and products. As a result, manufacturers are able to negotiate better prices on materials for their homes and pass these savings on to the homebuyer.
In addition to being cost effective, today's Manufactured Homes also offer the quality, amenities, and technologically-advanced features that home buyers desire. Ranging from 2" X 6" exterior walls to vaulted ceilings to working fireplaces and state-of-the-art appliances, today's Manufactured Homes offer homebuyers the opportunity to customize a home to fit a family's particular lifestyle and needs at a realistic price.
Today's Manufactured Homes are continually evolving, with architectural styles that blend into most neighborhoods and offer real housing options for suburban and urban markets. New exterior designs make these homes more aesthetically pleasing, allowing them to blend in seamlessly with existing neighborhoods. As a result, developers and builders are increasing their usage of Manufactured Housing in their subdivisions.
Greater focus on quality and energy efficiency within the Manufactured Housing industry has resulted in a significant jump in the numbers of manufacturers building EnergyStar-labeled Manufactured Homes. These homes, with enhanced levels of insulation as well as more efficient heating and cooling equipment, provide homeowners with substantial savings on their energy costs.
An emphasis on innovation is propelling the Manufactured Housing industry forward in many new areas. With continued advances in technology and public acceptance, Manufactured Housing will remain a major provider of quality, cost effective housing in the 21st century.
The Arizona Housing Association is dedicated to increasing home ownership opportunities in Arizona by focusing on image improvement, zoning equality and customer satisfaction. Its membership includes Manufacturers, Retailers, Developers, Lenders, Contractors/Installers, Suppliers, and Brokers of Pre-Owned Homes. AHA has a legislative and regulatory program designed to protect and promote the interests of the industry. It also conducts educational programs designed to address members' needs and industry issues.