The Federal Tax Credit

Welcome to Caviness and Cates Communities

Builder Magazine has named the top home builders for 2008, ranking central-based North Carolina builder Caviness and Cates, 90th out of the top 100 builders in the U.S. The magazine's "Builder 100" Survey is the most widely known and respected listing throughout the industry, focusing on closings and gross revenue of builders and their improvement from the prior year.

For 2008, Caviness and Cates closed 315 homes and grossed $75 million in revenue. "We are proud to be ranked on the list," says CEO, Watson Caviness, "since it is a reflection of companies that survived one of the rockiest years in housing history." Watson adds, "We survived 2008 by building in desirable locations, offering affordable, quality homes and help with closing costs."

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The Homefront Project: Supporting Our Troops. We pledge to donate a portion of our sales from every home we sell in 2010.

Military Tax Credit Extensions

Although the homebuyer tax credits have expired, Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to service members who were on official extended duty outside of the United States for at least 90 days between Jan. 1, 2009 and May 1, 2010, may qualify for a one-year extension.

The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between January 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service.

To learn more visit NAHB.

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