Overlooked News of the Day by Lew Sichelman
Tanks for the Memories Tanks are but memories in 15 of the 19 Centex Homes developments currently underway in the big builder's Arizona Division. Hot water tanks, that is. In what Centex says is the first of several steps it plans to prove that energy-efficient production home building is not an oxymoron, the Dallas-based company is installing tankless, gas-fired water heaters as standard equipment in the 15 projects, most of which are in the Phoenix area. About 25 percent of every energy dollar spent by the typical American household goes toward producing domestic hot water. But unlike traditional water heaters, which heat and reheat water 24-7, the gas-fired tankless water heaters operate only on demand, yet deliver an endless stream when and where needed. Not only are the units some 50 percent more efficient than traditional tank water heaters, they have double the life. Moreover, they take up less space, and space is always a premium in any house, new or used. Centex operates in major U.S. markets in 25 states and delivered more than 39,000 homes in the United States in its most recent fiscal year ended March 31, 2006. Its leading brands include Centex Homes, Fox & Jacobs Homes, City Homes and Centex Destination Properties. High Priority Nine out of ten Americans cite affordable housing as a high priority, and more than half believe housing policy with respect to the provision of affordable housing is on the wrong track, according to a new Zogby America poll. The poll was commissioned by a coalition of public, private and non-profit advocacy groups. For a growing and more economically-diverse number of families, children, seniors and persons with disabilities, affordable housing in quality communities is illusionary, a fact that is underscored in the poll. One-third of respondents cited having a decent, affordable place to live as their number one priority. The poll also shows that affordable housing will affect the way Americans vote. Seventy-five percent said that presidential candidates' ideas for providing more affordable housing were important in determining for whom they would vote. Nearly seven in ten said they would be more likely to vote for a candidate who had articulated a detailed plan for providing affordable housing. Lending Twist One of the country's largest consumer construction lenders has added a new wrinkle to its portfolio of construction-to-permanent loan products by offering a refinance option that can give borrowers the extra time they might need to finish their homes. C2P loans are used by consumers who hire contractors to build their usually one-of-a-kind houses. The loans are taken out by the home's owner, not the builder, as is the case in the production home sector. Generally, C2P loans are advantageous because they are somewhat less expensive and there is only one set of closing costs. When the house is completed, the construction loan automatically converts to permanent financing at no cost. Typically, the loans range from six to 12 months. But with weather delays and changes in construction plans, sometimes extra time is needed. That's where the new lot loan refinance program from Indymac Bank Home Construction Lending comes in. It allows for no-cash-out rate and term refinancing that not only gives borrowers the time they need but also offers the opportunity to take advantage of lower rates. IndyMac Bank is the country's seventh largest savings and loan and the second largest independent mortgage lender. Undevelopment Land developers are known for a single focus -- to maximize the number of lots on the parcel they are developing. But a southern New Hampshire developer is focused on breaking that mold. At Great Brook Preserve in the Sunday River, Maine area, LandSource LLC is dedicated to attracting an evolving group of customers that are strong environmental advocates and also are seeking premium quality for primary, secondary or retirement homes. Of the original 8,700 acres purchased by the developer, only 6 percent will be developed. After selling a large tract, the developer has donated more than two-thirds of the remaining land, about 1,100 acres or so, to a conservation land trust in which the land is preserved in perpetuity. Land has been deeded to a non-profit land trust, Western Maine Charitable Foundation. Pundits could argue that the developer left a lot of "money on the table" by taking this approach. But Jim Powers of LandSource, LLC says, "This is about delivering on a project that we can be proud of for many generations." "In the land development world, you can leave your mark in many different ways," Power says. "We feel that Great Brook Preserve is a shining example of the right way. We are very proud of what this represents for our customers and for our legacy as a company." | 
