Kentucky New Home Tax Credit has been extended Thru December 31,2010!

With the passage of the state budget the Kentucky New Home Tax Credit of up to $5,000 has been extended until December 31, 2010. This tax credit was due to expire on July 25, 2010.

After being over-shadowed by the Federal Tax Credit programs, the State program may now help to spur the purchase of newly built, not previously occupied homes. Unlike the Federal tax credits, the State credit is non-refundable and the amount of the credit that you are able to use is based on the amount of tax liability owed after all allowable deductions for state income taxes. Not everyone who qualifies for the credit will be able to take advantage of the full $5,000 credit amount. Unused portions of the credit cannot be carried forward for future tax liabilities.

According to the Department of Revenue, so far $5,197,500 has been used. In order to receive an extension of this credit, it was necessary to reallocate $10,000,000 back to the state, therefore the original $25,000,000 budgeted for this program is now capped at $15,000,000. There are $9,802,500 remaining to be used in this credit program, which represents enough funds for 1,960 newly built homes.

For details about the tax credit, qualification requirements, and to see the amount of money left in the program, visit www.HBAL.com and click on Trends and Ideas to find a link to the Department of Revenue tax credit page.

(Tax credit information supplied by the HBAL, Hills takes no responsibility for the accuracy of these statements.  Visit the KY Department of Revenue for complete program details.)

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The Villages of Oak Manor, in Westfield IN, just finished some beautiful upgrades!  We're excited to add some additional outdoor details to this large master-planned neighborhood.

A brand new pergola and beautiful new landscaping have been installed at the center of Oak Manor, providing some relaxing shade for owners to enjoy on the grounds.  Plus, a new fountain has been installed at the main lake!

Oak Manor is our first master-planned community, featuring three different home-types in a large neighborhood complete with fully equipped clubhouse, fitness center, swimming pool with sun deck, and walking paths.  Located just off the proposed Midland-Trace walking trail the homes at Oak Manor offer a wide range of home sizes, styles, prices, and options, from stylish terrace condos to private-lot ranch homes with full finished basements.

Visit our Villages of Oak Manor website for more community details and learn about the three distinct villages there:

Lancashire terrace condos from the $80's

Cotswold paired patio homes from the $130's

Nottingham ranch homes from the $160's

View community photos

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Preston at Plantation Pointe, our condominium community located closest to our home office here in Cincinnati, is down to its last few inventory homes!

Preston is located just south of the river in Florence Kentucky, surrounded by convenience and just a hop and skip away from downtown Cincinnati and Newport.  Only five completed homes remain there– four of them in the newest two-story building and three of them are top floor Sheridans!  The Sheridan is one of our largest and most popular condo plans because it includes two bedrooms, two bathrooms, and a large den.

View two of these available homes in detail on our market home page.  Prices include a garage.

Learn more about Preston on our website.

See the full gallery on Posterous

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The Preserve at Prosperity Church is our newest community in picturesque Charlotte– and we're excited to hear that their new community cabana and custom swimming pool are celebrating their grand opening this week!

The cabana includes a fitness center, open for residents to use at their leisure and stocked with state-of-the-art equipment, and convenient restroom facilities that are open to the pool deck.  Outside the newly completed pool deck and swanky kidney-bean shaped swimming pool are ready for action with custom deck furniture.

The Preserve offers brick townhomes with attached rear-entry garages located in Charlotte, NC near the exclusive Eastfield Village outdoor plaza.  The floor plans are very unique, offering the choice of number of bedrooms and total square footage.  A new building is currently under construction.

Enjoy this exclusive sneak peak of their new facilities!

See the full gallery on Posterous

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Welcome to the new Hills blog, previously our News Center

We're branching out into the wild world of social media.  One of our goals is to spread the word about Hills Communities– we're proud to be offering the highest quality product and getting people into new homes that they love!

Building on our company's 50+ year history Hills is dedicated to helping homeowners love the homes they build their lives in. We look forward to sharing all the latest developments, company news, special promotions, and industry chit-chat with you.

Our other goal is to foster our connections- we want to get to know you!  Are you one of our homeowners?  A Realtor?  A friend?  Looking to buy?  You've come to the right place to share information.

We're Hills– it's nice to meet you.

We're on Facebook  |  Follow us on Twitter  |  Subscribe to our blog  | Contact us

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{This is an archived post from our Hills News Center, orginally posted in September of 2009}

Intermark Design Group has completed the installation of two new model homes at The Preserve at Prosperity Church!

The Preserve at Prosperity Church, a Hills Communities Development, offers luxury brick townhomes with attached two-car garages priced starting from the $170's.  These new homes feature uniquely flexible floor plans which allow you to select the size home you desire with the number of bedrooms you need.  Each stylish design offers 2, 3, or 4 bedroom alternatives with 2.5 to 3.5 bath options.  Enjoy spacious living areas, grand kitchen designs unique to each floor plan, 9' smooth ceilings throughout, unfinished lower level with choice of finish options, full size laundry rooms, and large wood decks with privacy screen.

The Preserve also features Hills’ signature low-maintenance lifestyle.  Enjoy amenities like the pool, cabana, and fitness center and take a break from mowing and raking.  The townhomes at the Preserve have been carefully designed with a beautifully landscaped streetscape.  Rear-entry garages are accessed through private drives, leaving the front of your new home open, manicured, and inviting.

“Hills Communities has done an exceptional job at creating floor plans that showcase function without compromising lifestyle”, says Aundrea Brown, Vice President of Marketing for Intermark Design Group, Inc.  “The models are designed to demonstrate how innovative use of space can showcase a no – nonsense lifestyle”.   The Stratford Model features tones of celery green’s combined with aqua tones and complimented with mahogany furniture.  The Hanover Model features charcoal accents with creamy undertones and combines the styling of vintage furniture pieces with the refined lines of today’s furniture trends.

Intermark Design Group, Inc. of Orlando, FL is an award winning interior merchandising firm that specializes in interior merchandising for builders and developers throughout the East Coast.  Intermark has been designing model homes and clubhouses for over 15 years.  Intermark’s team of talented interior designers creates a customized look for their clients based on market research.  The end result is a model home that is designed to create a “story” that the typical buyer would envision as they walk through the model home.

The Preserve is located on Prosperity Church Road, just 4.67 miles North of I-85, exit 46B interchange or .2 of a mile south of Eastfield Road. The models are open Sundays and Mondays from 1:00 p.m. to 6:00 p.m., Tuesdays, Fridays, and Saturdays from 11:00 a.m. to 6:00 p.m., and by appointment only on Wednesdays and Thursdays.

For more information about Intermark Design Group, Inc. call Aundrea Brown 407-426-9975 ex: 112 or visit www.intermarkdesigngroup.com

For more information about The Preserve at Prosperity Church visit our website

Click here to view more photos of the new models

Click here to take a 360° Virtual Tour of the new models

See the full gallery on Posterous

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{This is an archived post from our Hills News Center, orginally posted in August of 2009}

Homeownership is an important part of the American way of life,
and there may never be a better time to buy than today.

An Unprecedented Window of Opportunity

For those whose homeownership hopes have been dampened or temporarily derailed by the housing downturn and economic recession- the people wondering if this is a good time to buy- the answer is simple; Yes.  It’s a very good time to buy.
    Today’s market, coupled with a tax credit of up to $8,000 for first-time homebuyers, near-record low mortgage interest rates, and ample inventory, provides an unprecedented window of opportunity for qualified prospective home buyers.  In fact, there may never be another buyer’s market as good as today’s.

Time is of the Essence

In landmark economic stimulus legislation, Congress has provided an outstanding opportunity for first-time homebuyers with enactment of an $8,000 tax credit for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000.  Partial credits of less than $8,000 are available for individual taxpayers with incomes up to $95,000 and for married taxpayers with incomes up to $170,000.
    But time is of the essence to take advantage of this once-in-a-lifetime opportunity.  Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible for the tax credit.

Great Selection

An outstanding selection of homes is another reason that it’s a good time to buy.  Available inventory is probably the best it will ever be, providing buyers with a great choice of homes.  Many builders have homes that are “move-in ready” and they may offer upgrades or other incentives to seal the deal.  Likewise, owners of existing homes who are looking to trade up, downsize, or relocate, are ready to bargain.

Attractive Pricing

If there’s a silver lining to the housing downturn, it’s that homes are more affordable.  Prices have moderated significantly in many areas, especially in major markets where they increased the most during the boom that occurred in many parts of the country.  In other areas, prices may not have declined as much, but for the most part, they didn’t rise as high or as fast as prices in the hottest markets.

Low Interest Rates

Like inventory and pricing, mortgage interest rates are at favorable levels.  And even though lenders are looking more closely at borrowers than in recent years, qualified homebuyers should not have trouble getting financing.
    For several years, mortgage rates have been near record lows but rates can, and do, change.  No one is predicting that rates will suddenly surge upward.  But rates don’t have to increase much for monthly mortgage payments to become unaffordable.

Greener and Better

With energy costs near to top of consumer’s concerns, it’s good to know that new homes today are more energy and resource efficient than ever before.  Through the use of new materials and construction techniques, today’s homes are built twice as energy efficiently as new homes a generation ago, making them more affordable to own and operate.

Benefits for Buyers
Homeownership also provides important benefits to owners and to the nation.

Tax Benefits: For Home Owners Only

Unique tax benefits that apply only to housing also help lower the cost of homeownership.  Both mortgage interest and property taxes are deductible.  Moreover, profits of up to $500,000 on the sale of a principal residence (or$250,000 for a single owner) are excluded from tax on capital gains.

The Power of Leveraging

Leveraging is another advantage of homeownership.  A buyer can purchase a home and receive the full benefit of homeownership with a cash down payment that is only a fraction- as little as 10 percent or less- of the total purchase price.  This is called leveraging, and it makes the rate of return on a home purchase much greater than on another investment with the same value where the buyer must put up the entire purchase price.
    For example, if a buyer makes a down payment of $15,000 on a $200,000 home and the home’s value increases to $205,000 over time, then the home owner’s equity (the value of the home minus the mortgage debt) has increased from $15,000 to $20,000.  That’s about a 33 percent increase.

Building Personal Wealth

For most Americans, homeownership is a primary source of net worth and an important step in accumulating personal wealthy and assuring financial security.  Today, even though property values have declined in some markets, Americans have a total of $8.5 trillion in equity in their homes.  Home equity represents the largest share of net worth for most families.

There Really is No Place Like Home

Despite the positive financial aspects of homeownership, a home cannot be valued in monetary terms alone because it is so much more than just an investment.
    Not only can homeownership be a stepping-stone to greater financial security, it provides a permanent place to call home and great personal satisfaction.  Academic research shows that homeownership results in a wide range of social benefits.  Moreover, benefits aren’t limited to individual households.  Homeownership strengthens both the nation’s people and its communities.  It is true a cornerstone of the American way of life.

What About the ‘What If’s’?

Given the ongoing turmoil in the housing and financial markets, many people who want to buy homes are sitting on the fence, either waiting for the market to bottom out or fearing that it never will.
    So what is the chance that the market will continue to decline, prices will continue to drop, and a home purchased today will be worth less a year from now?  Of course, no one can know for sure what will happen in a month, six months, or a year from now.  Housing is predictable cyclical, but the current housing slump has already lasted longer than previous downturns.  Moreover, timing the market is a strategy that rarely works; by the time it’s clear that a market has turned around, it’s too late to take best advantage of the conditions at the bottom.
    It’s also important to remember that home prices have not declined equally in all areas.  All housing markets are local and all perform differently.  Yes, some markets have seen significant declines, but for the most part they are the markets that had the largest increases during the housing boom.  Many markets saw modest increases and have experienced relatively modest declines.
    A related issue is replacement value.  Home prices are nearing replacement value in many areas and are not likely to go any lower.  It’s simple arithmetic.  If a builder cannot sell a house for as much as it cost to construct it, he won’t build any more houses.  Ultimately, prices will increase as inventory declines and demand increase due to growth of new households.

*Article adapted from the National Association of Home Builders.  While the National Association of Home Builders (NAHB) has used its best efforts to provide accurate information in this article, NAHB & Hills Communities make no representations of warranties with respect to the accuracy or comprehensiveness of this article’s contents.  NAHB specifically disclaims any implied warranties.  The information provided in this document may not be suitable or applicable to your unique circumstances.  You should consult with a qualified professional when applying this information to your own situation.  NAHB will no be liable for any loss of profits or damages, including incidental, consequential, special, or other damages.

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