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$2 Million in NAHB ‘Buy Now’ Advertising Grants Now Available
The first phase of NAHB’s “Buy Now” Advertising Assistance Program was a huge success, and the program will continue with an infusion of $2 million in additional funding. The program has received enthusiastic and immediate support from home builders associations across the country since its launch in mid-February.
After reviewing survey results and feedback from the $1 million first phase of the program, the NAHB Senior Officers approved the remaining $2 million in funding at last week’s executive board meeting in Las Vegas.
In late March, NAHB Public Affairs began surveying members whose campaigns were well underway in order to evaluate the success of the initial $1 million. The survey results were overwhelmingly positive. More than three-quarters of respondents rated their association’s “buy now” campaign “effective.” An equally high number — 78% — said that their campaign delivered a credible “buy now” message. The majority responded that the campaign had started to help change home buyer attitudes in their marketplace. Seventy-eight percent reported that members of their industry and community viewed the campaign positively.
NAHB launched the grant program to assist local HBAs in an effort to bolster home sales in markets hit hard by the current housing downturn and help offset the cost of local ad campaigns.
Fifty-one local associations have applied for and received $997,443 in advertising assistance as part of the first phase of the program. Including the matching funds that HBAs contributed, the total cost of their campaigns is $3.5 million.
The NAHB “Buy Now” Advertising Assistance Program provides grants to qualifying HBAs in three different categories:
- HBAs conducting ad campaigns in the top 10 media markets can receive assistance equaling up to one-third of the total cost of the campaign, with a maximum NAHB contribution of $75,000. In other words, an HBA conducting a campaign costing a total of $225,000 could receive a $75,000 contribution from NAHB and cover the remaining $150,000.
- HBAs with more than 250 members operating in areas outside of the top 10 major media markets can qualify for matching grants up to a maximum of $40,000 and be required to pay for at least half the cost of the campaign.
- HBAs with 250 or fewer members can qualify for grants of up to $5,000.
To qualify for grants, the ads must deliver a “buy now” message, be placed in 2007 and conducted in markets that have experienced a major decline in home sales and housing production.
HBAs that applied and were eligible for the first phase, but did not receive grants from the initial $1 million, will be contacted by NAHB soon regarding their application and eligibility for the second phase. Associations that have already received matching grant money are not eligible for the second phase.
To learn more about the program, eligibility considerations and requirements, click here (www.nahb.org/buynowapplication), or call Niki Clark at 800-368-5242 x806l.
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