The “Neighborhoods Built by Your Neighbors” home-buying incentive program that gives buyers up to $10,000 in benefits, on top of the builders’ best deal, has been extended through May 31.
Under the program, now in its fourth year, six St. Louis unions are offering more than $1 million in incentives for new homebuyers on a first-come, first-served basis until the funds run out.
If you’re considering a new home, now is the time to buy to take advantage of low interest rates and the “Neighborhoods Built by Your Neighbors” incentive available only in the St. Louis market of participating builders.
HOW IT WORKS
Here’s how it works. Depending on the cost of the house, buyers will get anywhere from $2,000 to $10,000 to be applied at closing to anything the buyer wants: closing costs, additional down payments, interest rate reduction or extras such as a brick front, different flooring or a finished basement.
“This is a unique program is found only in St. Louis where our construction unions are stepping up to stimulate the St. Louis economy, put their members to work and give potential homebuyers an incredible buying opportunity,” said Jeff Aboussie, executive secretary-treasurer of the St. Louis Building Trades Council.
The amount each union provides for the program is based on the percentage of manhours each trade has in building the house.
Participating unions include Plumbers & Pipefitters Local 562, Electrical Workers Local 1, Sheet Metal Workers Local 36, Eastern Missouri Laborers District Council, Cement Masons Local 527 and the Carpenters’ District Council.
All of the eligible homes are 100 percent union built.
The incentive funds come from the locals’ treasuries, local or national market recovery programs, or from industry market recovery programs.
The program is open through 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 homebuilders are investing $100,000 extra to promote the program through the end of the month.
The program will end when the entire $1 million in incentive funds is gone.
THE AMERICAN DREAM
“This is an incredible program, both for the homebuyer and our members,” said Kurt Dierkes, business manager of 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 keep working.”
And that’s the ultimate goal of the program, said Gary Elliott, business manager, Eastern Missouri Laborers District Council.
“With this program, the unions are doing what we can to keep the economy rolling,” Elliott said. “When the economy is rolling, 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.”
“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. “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 in addition to the best deal of builders’ in the St. Louis Union Homebuilding Partnership.”