NAHB is encouraging its small-business builder members to take advantage of an important new opportunity to help address the ongoing problems that many are facing in accessing acquisition, development and construction financing.
The Federal Deposit Insurance Corp. (FDIC) has opened a new channel through which small business owners can weigh in directly with the agency about concerns and problems they have had with regard to specific lending institutions and the scarcity of credit available for housing production. The toll-free number to call is 866-924-6242, and operating hours are 8 a.m. to 8 p.m., EST, Monday through Friday. Please note that when you call, you will be talking to a live FDIC representative, so you should have all of your relevant information near at hand.
NAHB Chairman Bob Nielsen sent a letter to all of our members this week alerting you to this new opportunity to help expand regulators’ awareness of the extent of the credit crunch for small home builders. Any home builder, developer or associate who is unable to obtain financing, is having a hard time with an outstanding AD&C loan or feels that they have been treated unfairly by their lending institution should alert the FDIC either through the hotline or, if you prefer, by accessing the dedicated FDIC website at www.fdic.gov/smallbusiness and using the Business Assistance Form at the bottom of the page. It is our hope that the FDIC will follow through and respond to any inquiries it receives about specific issues pertaining to the lending institutions it regulates.
NAHB is launching new initiatives to combat the AD&C credit crisis, and a strong member response to the FDIC hotline will help raise greater awareness of the AD&C credit problems builders are facing and support our efforts to find constructive solutions that will restore the flow of credit to our industry. So please contact the FDIC today! Contact: David Ledford (800-368-5242, x8265).