The North Carolina House tonight gave tentative approval to a tax bill that would reduce the state gas tax to 36 cents from the current 37.5 cents, beginning April 1 and continuing through the end of 2015. The bill also removed a provision opposed by the North Carolina Association of Realtors® (NCAR), which would have made mortgage debt forgiven in a short sale subject to state income tax.
To help Realtors® prepare for upcoming changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), the National Association of Realtors® (NAR) will host a webinar on Thursday, March 19, 2015 at 2:00 PM EDT.
The changes, which take effect August 1st, will replace the HUD-1 settlement statement, Good Faith Estimate forms, and Truth in Lending Act disclosure with a new Closing Disclosure and a new, single Loan Estimate. There will be changes to the closing process as well, including a new rule requiring everything to be in place three days prior to closing. Continue reading
A report released today by the NAIOP Research Foundation says that net demand for industrial space could reach 242 million square feet in 2015, thanks to the U.S. economy’s accelerated growth through the end of 2014 and its robust indications of strength for 2015.
Report Highlights Include:
- 2015 quarterly net absorption will average 60.5 million square feet.
- 2014 industrial net absorption reached a near-record 224 million square feet – an 8 percent increase over 2014.
- Asking rental rates steadily elevated in each quarter of 2014.
A discussion of pending improvements to the building permitting and inspections process got testy last Thursday night, as members of the Mecklenburg County Board of Commissioners (BOCC) couldn’t seem to agree on whether Code Enforcement officials or customers were the source of the problems. Continue reading
Members of the Charlotte Chapter of NAIOP traveled to Washington, D.C., earlier this month to meet with members of Congress about issues critical to North Carolina’s commercial real estate industry. The Capitol Hill visits were part of NAIOP’s annual Chapter Leadership and Legislative Retreat, and gave Charlotte developers a chance to advocate on a range of topics, including:
- Extending 15-year depreciation and cost-recovery periods for qualified leasehold improvements;
- Extending the179D Tax Deduction for the installation of energy-efficient components in commercial buildings;
- Ensuring the preservation of the 1031 like-kind exchange rules in any Tax Reform effort;
- Preventing the taxation of Carried Interest compensation at ordinary income rates;
- Advocating for increased federal investment in our national infrastructure, including roads, ports and bridges;
- Opposing any extension of the EPA’s Waters of the U.S. rule in a manner that would increase development costs and reduce the value of private property; and,
- Encouraging a streamlined approach to the EPA’s wetlands permitting process;
During the course of their visit, NAIOP members met with Senator Thom Tillis, and congressmen Robert Pittenger, Richard Hudson and Mick Mulvaney. All four voted earlier this year to reauthorize the Terrorism Risk Insurance Act (TRIA), and voiced their support for regulatory and tax reform measures that would help reduce costs and uncertainty for commercial development.
Thanks to Charlotte NAIOP members Chris Thomas (Childress-Klein Properties), Clifton Coble (Bissell Development), Barry Leasure (Greer Walker, LLP), Sherrie Chaffin (Trinity Capital), Scott Harris (Choate Construction) and Jim Gamble (Bohler Engineering) for taking time out of their busy schedules to make the trip to Washington!
A pair of bills introduced in the North Carolina General Assembly would restrict the ability of local governments to place costly architectural and aesthetic design requirements on residential construction.
H 36, “Zoning / Design & Aesthetic Controls,” and its companion bill, S 25 are both identical to H 150, which passed the House in 2013, and would rein in cities and towns that have been exceeding their statutory authority by regulating the architectural design of new single-family homes and townhomes.
The House version is sponsored by Representatives Bill Brawley (R-Matthews), Nelson Dollar (R-Cary), Jonathan Jordan (R-Jefferson) and Rick Glazier (D-Fayetteville). The Senate version is sponsored by Jeff Tarte (R-Cornelius), Rick Gunn (R-Burlington), and Tom Apodaca (R-Hendersonville), the chair of the powerful Senate Rules committee.
Both bills would exempt structures built in designated historic districts, and those where design requirements are related to building safety or the National Flood Insurance Program.
REBIC supports the legislation, and will be working with the North Carolina Home Builders Association (NCHBA) to ensure its passage by both chambers of the General Assembly.
The Mooresville Board of Commissioners this week will approve an agreement with the Centralina Council of Governments to undertake a multi-year Community-based Housing Strategy project, funded by public and private dollars, including support from the Charlotte Regional REALTOR® Association (CRRA) and the National Association of Realtors® (NAR).