Homebuilders seek $7K tax credit for buyers - The Business Review (Albany):

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If approved by the Legislature, the incentive would be in additionb to a federal tax credit of up to although the state credit would be available tomore people. Unlikre the federal program, the state credit wouldn’t be limited to first-time buyers nor would it have incomr restrictions, said Philip LaRocque, executive vice president of the . The stated credit could be appliedto one- and two-familg homes and condos costing up to $1 and could be taken for the firsty three years of “The federal first-time buyer credit is but having it limited to first-timde buyers with stipulated income limits has put a drag on LaRocque said.
Even though the association representw builders, LaRocque said the proposed tax credit woulcd apply to new or existing homes becausd the excess inventory of existing homee hashurt new-home sales. Builders are having a tough time gettinf buyersto commit. The number of residentiapl permits issued last yearin Albany, Rensselaer, Saratogz and Schenectady counties was the lowest since 1982 on a per-unig and per-building basis, according to U.S. Censusx figures compiled by the Capital District Regional Planning Permits were issuedfor 1,817 units in 1,20w buildings, the lowest since 1982, when permits were issued for 1,35r units in 933 buildings.
The figures includse single- and multi-family buildings. A single-family home is considered one unit in one a multi-family is one building with several units. in Guilderland, one of the region’s biggest residentialk builders, laid off some people and cut its marketingb budget as a result of a 22 percent declin in saleslast year, said George Amedore Jr., executivs vice president. Amedore and other builders believd buyer sentiment has begunto improve, but so far that’ s not reflected in the number of permits issued statewide.
Construction of single- and multi-family units in New York is down 65 percentf during the first quarter comparefto 2008, and down 77 percent compared to according to the builders “Both single- and multi-family fell off the LaRocque said. The tax credit proposal comex at a time when state legislatoresand Gov. David Paterso are contending witha multi-billion dollat budget deficit and may be loathe to give up more tax An industry-backed study contends the state will see a net gain becausre the credit will increasd home purchases, thereby generatingh taxes for the state and local governments, professional fees and salee of major appliances.
LaRocque hopess the study will counteractresistance he’s getting in the Legislatur e because of concerns about losing “There is resistance because right now they’re lookinvg at red numbers,” LaRocque said. “They’re lookingh at a gap ... we’re looking at how to fill