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$2 Million Just Released: Apply Now for ‘Buy Now’ Ad Grants
On April 27 the NAHB Executive Board approved the release of the remaining $2 million of the NAHB “Buy Now” Advertising Assistance Program. Launched in February, the program provides $3 million to assist local associations in an effort to bolster home sales in markets hit hard by the current housing downturn. The initial $1 million was quickly disbursed in grants to 51 HBAs.
Following the release, NAHB immediately began processing 35 additional applications — worth more than $600,000 — that had been approved and were awaiting funds from the program’s second phase.
In total, 86 local associations in 29 states have now applied for and have received, or been approved to receive, nearly $1.7 million in advertising assistance. Including the matching funds that the HBAs contributed, the total value of their advertising campaigns is $5.3 million. To see a list of the HBAs and the grant levels, click here.
With $1.3 million in funds still available, NAHB encourages HBAs that have not yet applied for advertising assistance to apply today.
The NAHB “Buy Now” Advertising Assistance Program provides grants to qualifying HBAs in three 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, are currently being contacted by NAHB regarding their application and eligibility for the second phase. Associations that have already received matching grant money are not eligible for the second phase.
NAHB is encouraging associations that have received grants to promote their grant to their membership through HBA publications and newsletters and on their Web sites.
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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