The unique home buying stimulus program that gives new homebuyers up to $10,000 in benefits, in addition to the builders’ best deal, has been extended for one month only through May 31. It will not be extended beyond.
Six St. Louis unions are offering almost $1 million in incentives for new homebuyers during this May extension of the “Neighborhoods Built by Your Neighbors” program, now in its fourth year.
However, new homebuyers have already used 70 percent of the funding since the program was launched last month, so the balance will be used on a first-come, first-served basis until they run out. A total of 195 new homes are now underway as a result of this effort, already creating 270,000 manhours of work for members of the six unions.
If you’re considering a new home, now is THE time to buy — Low interest rates and now this incredible added incentive available only to buyers in the St. Louis market of the six participating builders.
HOW IT WORKS
Depending on the cost of the home, buyers will get anywhere from $2,000 to $10,000 in cash to be applied at closing to anything the buyer wants to use it for: closing cost, additional down payments, interest rate reduction, or extras for the home such as upgrades such as a brick front or different flooring, a finished basement, etc.
“This is a unique program found only in St. Louis where our construction unions are stepping up to stimulate the St. Louis economy, put our members to work and give potential homebuyers an incredible buying opportunity,” said Frank Jacobs, business manager, IBEW Local 1. “It’s yet another example of how our unions are working to help our community, something we do year around.”
The amount each union will provide for this first-in-the-nation program is based on the percentage of manhours each trade has in building a home.
Participating unions are International Brotherhood of Electrical Workers (IBEW) Local 1, SMART Sheet Metal Workers Local 36, Plumbers & Pipefitters Local 562, Cement Masons Local 527, the Eastern Missouri Laborers District Council and the St. Louis-Kansas City Carpenters Regional Council.
All homes will be 100 percent union built. The incentive funds come from either from the local’s treasury, their local or national market recovery programs, or from their industry market recovery programs.
The program is only good in May in the Missouri communities of the six participating homebuilders: Bridgewater Communities, Fischer & Frichtel, McBride & Son Homes, McKelvey Homes, Payne Family Homes and Simon Homes. The builders have committed an additional $100,000 to market the program over and above their normal marketing dollars.
MAKING THE AMERICAN DREAM POSSIBLE
“This is an incredible program, both for the homebuyer and our members,” said Kurt Dierkes, business manager, Cement Masons Local 527. “Like the other locals, we are committed to helping new buyers get into the home of their dreams as well as helping our members to keep working. It’s a win-win for everyone.”
Noted Gary Elliott, business manager, Eastern Missouri Laborers District Council: “With this program, the unions are once again stepping up to help keep the economy rolling because when it is, our members are working, and that’s our prime objective. If industry would take the same attitude, we could get this economy into high gear much quicker.”
Added Al Bond, executive secretary-treasurer of the St. Louis-Kansas City Carpenters Regional Council: “This is a solid bargain for homeowners as well as our members. The goal of all our unions is to help the public get a great deal – the highest quality construction that will hold the home’s value, minimize future repair costs and protect one of the largest investments a family makes.”
“This program is a testament to the relationship between St. Louis’ leading home builders and its union trade partners,” said John F. Eilermann Jr., chairman and CEO of McBride & Son Companies, the nation’s largest union homebuilder. “And most importantly it’s the best way to stimulate the new 2015 selling season.” McBride coordinated the original program in 2011.
“It’s really an amazing deal for buyers,” added Jim Brennan, owner of McKelvey Homes. “It’s real cash for use at closing and it’s in addition to St. Louis Union Homebuilding Partnership Builder’s best deal.”