BANN BULLETIN
JANUARY 2019
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Upcoming Events
@ Nothing to It!
@ The Builders Association
@ TheHaynes Home
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Forecast 2019 Event Recap
If you couldn't make it to this year's record breaking Forecast 2019 & Beyond event,
click here
for the presentations from our speakers.
Mark your calendars for January 2020 for the next Forecast event!
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BANN Assists in Supreme Court Victory for Construction Defect
The Nevada HBA, which consists of the Builders Association of Northern Nevada and the Southern Nevada HBA, received a grant from the National Association of Home Builders Legal Fund to file an amicus brief in support of a subcontractor who was sued by a non-home owner in the first substantive challenge to Nevada’s Construction defect reform law. On December 21, 2018, the Nevada Supreme Court affirmed the district court’s opinion and held that the statue of repose applied in this personal injury case against the subcontractor for its alleged defective design or construction of the pool.
The court’s opinion strengthens the state construction defect reform law, which Nevada builders fought hard to enact.
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City of Reno New Code Adoption Update
As we enter 2019, the City of Reno wanted to provide information about changes that are taking place beginning this month related to the building permit process.
New building and construction codes are now in effect on a voluntary basis. Compliance with the codes will be mandatory beginning July 1, 2019.
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Welcome our Newest Members
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- B & B Heating & Air
- Sentinel Builders
- Design Outdoors
- Best Plumbing & Heating
- New Vision Development
- Infinity Engineering
- Clean Cut Lawns
- Persing Professional Group
- ECO Windows
- Scott Fire Protection
- Sierra Pest Control
- Five Star Hardwood
- R Nelson Builders
- Figueroa Masonry
- Kempler Design
- Gerhardt & Berry Construction
- Maxton Manufacturing
- Dal-Tile
- Mt. Rose Heating & Air Conditioning, Inc.
- Stonegrinders LLC
- GST International, Inc.
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- ArchCrest Commercial Partners
- Artown
- Berkich Landscape LLC
- BRG Homes
- Fireplace Dist. of Nevada
- Fusion Sign & Design
- Gale Building Products
- Guild, Gallagher & Fuller, Ltd
- Innovative Custom Homes
- Interlock USA, Inc.
- JK Architecture Engineering
- Maupin, Cox & LeGoy
- NV Concrete & Construction
- Pacific Supply
- Pinnacle Painting LLC
- Reno Green Landscaping
- Reno Land Development Company
- River Concrete & Construction
- Silverado Excavating
- Spanish Springs Construction
- Tanamera Construction
- The Abbi Agency
- United Federal Credit Union
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President Trump on Dec. 12 signed an executive order to spur more investment in opportunity zones, a type of economic development incentive created by the Tax Cuts and Jobs Act of 2017.
Opportunity zones
seek to incentivize investment and economic development in under-served communities. Developers may use a Qualified Opportunity Zone Fund to help fund projects located within an
opportunity zone. This new source of investment dollars could prove to be a powerful economic tool if properly administered.
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The Builders Association Charity
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2018 was a great year for the Builders Association Charity.
BAC has awarded several charities in the Northern Nevada area, totaling to approximately$300,000. Some of these charities include; STEP2, Child Advocacy Center, Reno Rodeo Foundation, Nevada Military Support Alliance, and Northern Nevada HOPES.
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BAC President, Brian Cassidy
(left)
and Melinda Smith with BANN
(far right)
awards Washoe County Child Advocacy Center with $3,500
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The BAC Board presents the Reno Rodeo Foundation with $2,000!
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With all the hard work and efforts from the Dream Home Raffle in 2018, the Builders Association and Paradiso Communities were able to present the Nevada Military Support Alliance with $27,000 to help fund their efforts in providing comfort and support to families and survivors of fallen patriots.
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Housing affordability last quarter was at a 10-year low, and it appears that conditions at the start of 2019 aren’t likely to improve much. The Federal Open Market Commit- tee recently raised its target for the federal funds rate (the interest rate at which banks lend money to each other) by 25 basis points. This was the fourth rate hike of 2018. However, experts predict interest rates will rise at a less aggressive pace next year. NAHB Chief Economist Robert Dietz noted in a recent Eye on Housing
blog post
that the Fed’s “policy projections suggest two rate increases in 2019 and one additional rate increase in 2020.” Nevertheless, NAHB is forecasting no rate hikes in 2020, after what some, including Dietz, anticipate will be a noticeable slowdown in GDP growth in 2019. Mortgage interest rates, however, are likely to stay the course for the time being, after a decline in December. The 10-year Treasury rate, which is the key variable for mortgage interest rates, declined recently to below 2.77%. A lower 10-year rate typically means lower mortgage interest rates.
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Without solid contracts and detailed document management, your business is vulnerable to legal exposure. To help, NAHB is offering a
webinar series
discussing these risks – and providing practical solutions. Take one webinar, or all three, and save with our new, lower 2019 price.
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Is your company hiring?
Let us know and we can list it!
Contact the BANN office by
e-mailing: info@thebuilders.com or calling our office
775-329-4611
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Call
775-329-4611
to reserve a spot
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