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In the midst of the big U.S.-China trade talks/tariff wars that are ongoing, it is worth noting some much smaller trade talks that have been taking place between New Zealand and China. The basic story is that New Zealand and China signed a trade deal in 2008, and have just now completed an "upgrade" to that deal. There are some differences in the nature of the U.S.-China talks and the New Zealand-China talks, but nevertheless, there may be some lessons to draw from the New Zealand-China situation.

The first thing to mention is that both sides consider the original deal to be a success. Here's how New Zealanddescribed it:

The New Zealand-China Free Trade Agreement (FTA) has been a success story. Since the FTA came into force in 2008, two-way trade (exports and imports of goods and services) has more than tripled from $9 billion to over $32 billion, and the FTA has been a catalyst for trade and economic cooperation between our countries.

Like most economists, I am skeptical that we can learn much from bilateral trade balances, but nevertheless, take a look at the evolution of theNew Zealand-China trade balanceafter the agreement was signed, after which New Zealand's deficit turned into a surplus:

So what are New Zealand and China selling to each other?

In the March 2019 year, the top exports to China were milk powder, butter, and cheese, reaching $4.5 billion and accounting for one-quarter of New Zealands exports to China.

Logs and wood were the second-largest export, worth $3.1 billion.

Travel was also a significant contributor to New Zealands overall surplus with China, worth $3.0 billion. Spending by holidaymakers and international students made up most of this.

...

In the March 2019 year, imports from China were valued at $13.1 billion. Top imports were electrical machinery and equipment (such as mobile phones), mechanical machinery and equipment (such as portable computers), and textiles and textile articles (such as clothing).

The upgrade to the FTA is not revolutionary, but rather just adds a bit of liberalization and updates a few provisions:

Trade rules and business practices have evolved significantly over the past decade. It is against this backdrop that New Zealand and China agreed in November 2016 to launch negotiations to upgrade the New Zealand-China FTA; to ensure the Agreement continues to reflect the modern realities of our dynamic trading relationship. Nine rounds of negotiations were held over three years in both New Zealand and Beijing. New Zealand and China announced the conclusion of the FTA upgrade negotiations on 4 November 2019 on the sidelines of the East Asia Summit.

The upgrade will make the New Zealand-China FTA Chinas most modern and highest quality FTA.

Here are afew examplesof the new additions:

New Zealand has secured tariff elimination, over a 10 year implementation period, on 12 wood and paper products.

...

Further operational improvements cover procedures for handling perishable goods (introducing expedited six-hour clearance times, release of such goods outside normal business hours and appropriate storage) as well as an extension of the scope of advance rulings in the existing free trade agreement.

...

new chapters have been added on competition policy, e-commerce, government procurement and environment and trade.

...

The improvements include new market access in several service sectors, including:

The New Zealand-China FTA was a much simpler negotiation than the one the United States is currently conducting. New Zealand was mainly pushing for basic liberalization, rather than the wholesale changes to the structure of the Chinese economy that the Trump administration is said to be asking for (although the "phase one" deal being talked about now is pretty limited). This made the negotiation much easier. New Zealand had a handful of products and services it wanted to sell more of to the Chinese, and it was able to achieve that.

Despite these differences, I'm struck by the fact that an industrialized country was able to make a trade deal with China and was happy with the outcome, and thenwithout the use of tariffs!was able to open up the text and negotiate further liberalization. In my view, some key lessons here are that it is important to be realistic about what can be achieved, and to be willing to give something in return.

This article by Simon Lester first appeared at the Cato Institute.

Image: Reuters.

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Don't Look Now: China and New Zealand Just Signed A Historic Trade Deal - The National Interest Online

Smart Alerts when you leave something behind in a public place are Tiles latest attempt to stay ahead of Apples anticipated launch of its own item tracker, which may be named AirTag.

We exclusively reported back in April that Apple is working on its own competitor to Tile, integrating with the iOS Find My app. One of the expected features is automatic alerts when you leave behind a protected item, and thats something Tile is now adding to its own products

Tile has currently offered three forms of protection. First, if you simply misplace something in your own home, you can use the app to make it sound an audible alert. The Apple Watch offers similar functionality, making your iPhone ping so you can work out where you left it.

Second, you can define safe zones, like your home, and be automatically alerted when an item leaves that area.

Third, if you mark a Tile as lost, anyone running the app will automatically and anonymously alert you when they come into range.

Engadget reports that the company is now adding the ability to warn you whenever you leave any protected item behind anywhere.

The company is relaunching Smart Alerts in beta to automatically warn when youve left a tracked item behind if its been there for at least five minutes. If you rush out of the coffee shop without your bag, youll ideally get an alert before youve reached your car. Youll need a Premium subscription ($30 per year or $3 per month), but it might be a small price to pay if you cant bear the thought of leaving a valuable item alone for more than a few minutes. The beta will be available in December.

Tile offers a range of products to electronically tag your valuables, ranging from a waterproof sticker to a wallet-sized Slim tracker to the Pro, with a 400-foot range and loud audible alert.

We recently rounded up everything we know so far about Apples upcoming product. The key selling point will be that, if you lose something, anyones iOS device within range will be used to help track it down.

The true selling point of Apples item tracker will be its integration with iOS. It is believed that you will be able to access your item trackers via the Find My device on your iPhone, iPad, or Mac. Once the item trackers are available, there will be a new Items tab in the Find My application for all of the things you choose to track.

The item tracker itself will be paired to a users iCloud account by proximity to an iPhone, much like AirPods. Users will also be able to receive notifications when their iPhone gets too far away from the tag. For instance, your iPhone could alert you if you get too far away from your keys or wallet. Certain locations can be added to a list of ignored locations so that the item can be left at those locations without you receiving a notification.

Furthermore, youll be able to put Apples item tracker in Lost Mode which means the tag will store your contact information, allowing other Apple users to read that information. In such instances, youll receive a notification when your item has been found.

Its not yet known when Apple plans to launch AirTag, or what it will cost. Tile products can cost less than $12.50 each when bought in multipacks. Smart Alerts will launch in beta shortly.

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Tile matches expected feature of Apples AirTags item trackers, Smart Alerts - 9to5Mac

The recycling cycle taking place at Tarkett's new plant in Waalwijk, The Netherlands.

Last week, international flooring manufacturer Tarkett revealed another step towards a closed-loop production system in collaboration with Aquafil, textile pioneers and creators of ECONYL. While they have worked together for a number of years, this development is one which will revolutionise the contract flooring industry. Opening a new carpet tile recycling centre in Waalwijk in The Netherlands, Tarkett are offering the ReStart Take-Back Program: a post-use carpet tile take-back scheme for customers to take advantage of while simultaneously saving tiles from rising landfill levels. In utilising polyamide 6 (PA6) post-use yarn, it takes the partnership to another level of circularity.

With groundbreaking machinery to separate the fibres from the backing, (the two core components of carpet tiles), the key to this approach is the purity which remains after, making it easier for the materials to be recycled. Retaining more than 95% yarn purity after separation, the yarn is recycled by Aquafil and transformed into regenerated ECONYL nylon yarn. The backing, named EcoBase, was created by the company in 2010 and was designed for reuse and recycling from the outset giving it distinct advantage to bitumen-based alternatives. With 100% of Tarketts carpet tiles being recyclable, they are also now able to recycle tiles which haven't been manufactured by them. Thanks to this new technology, each material can be easily recycled in-house or with an external partner.

New machinery created by Tarkett means carpet tiles can be separated by component with such purity ... [+] making it easier to recycle.

This recycling operation not only closes the circle on their production cycle but also impacts their carbon footprint with an impressive 84% saving at the end of its life stage when compared against incineration, the method which has been used to dispose of most commercial carpet tiles. The ReStart take-back and recycling program and the increase of Ecobase backing production capacity are part of a 15 million investment from the global flooring leaders in a bid to create a circular economy within the group to fight against the climate crisis we face today.

One of the key factors to true sustainability is collaboration. To achieve quicker results in preserving and protecting the environment, knowledge and resources have to be shared. This is crucial, not only within an industry, but also between sectors to ensure change can impact a wider audience. Any successful collaboration goes beyond a customer and supplier relationship. states Fabrice Barthlemy, the CEO of Tarkett, reflecting on the partnership. Our vision is to get to a stage where all materials we use are recycled materials with the aim to get it to 30% by 2030. Collaborating with Aquafil helps us to take our mission to the next step. The CEO of Aquafil, Giulio Bonazzi, agrees. Transparency and trust is key in a collaboration, he comments, You have to share the same values and ensure the end goals are aligned with each other in order to make it work.

Post-Use carpet tiles waiting to be deconstructed and recycled at the new Tarkett recycling ... [+] facility.

The Waalwijk plant is the first to separate the materials with such clarity, and its location has been selected to help minimise its impact even further. Located centrally between the UK and the rest of Europe means the transportation of tiles sent to and from the plant is kept to a minimum. Our goal is to reduce our emissions year-on-year through adopting circular systems and green technology. continues Barthlemy. We already use 134,000 tonnes of recycled material each year. Accelerating our take-back program with our customers, which already has more than 400 participants in Europe, is a key focus. We have designed the carpet recycling facility with scaleability and efficiency in mind.

Fabrice Barthelemy, CEO of Tarkett and Giulio Bonazzi, CEO of Aquafil.

Looking at the building and construction industry as a whole, Barthlemy believes we can all take responsibility in reducing its impact. We always have to do more. he says, However, we do need more incentives for the industry. With incineration and landfill being the most cost-effective disposal solutions, this has to change in order for customers to see recycling schemes like this as the most viable option.

Current recycling figures for carpet tiles across Europe are still minimal: 60% of post-consumer carpet tiles end up in landfill, with 37% being incinerated and only 3% recycled. In a bid to change this, Tarkett and Aquafil are leading by example. Sustainable design begins with the end in mind. states Bonazzi. It is a journey and is more than just a recycled material. We have managed to reduce our carbon footprint by almost two thirds over the last 8 years and, through offering cradle-to-cradle solutions, we can positively impact industries to ensure systemic change can take place. Aquafil work with a vast array of designers and brands including names such as Stella McCartney, Napapijiri and Prada. Bonazzi is positive as to how these influential figures are helping to raise awareness around sustainability issues.

The yarn is separated from the backing of the tile with 95% purity making the recycling process a ... [+] lot easier.

Tarkett are keen to continue their movement towards a closed-loop system across all their products. An example is their vinyl production, where they salvage and recycle offcuts direct from sites across Europe. Furthermore, they plan to develop ways to also recycle vinyl post-use. Our aim isn't to make money from these schemes, its an investment for us to improve our systems and take responsibility for what we do. Barthlemy concludes. The biggest challenge is to ensure we engage with end users to salvage as many materials as possible.

The shift from a linear to a circular economy has begun and projects like this provide hope in knowing solutions are available for industries to positively adapt. Whilst time is not on our side, we need to take advantage of these schemes quickly to change industries at a faster pace.

You can find out how to join the ReStart Take-Back Program here.

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Tarkett Pave The Way With New Carpet Tile Recycling Factory In The Netherlands - Forbes

There are a lot of reasons to worry about what happens with your personal information online.Even if no one ever breaks into your bank accountor takes over your Facebook, that doesn't mean they aren't collecting your information and stitching together a profile that includes everything from your name and email address to yourphone numberandsocial media profiles.

The latest breach of personal information was discovered in October by a security researcher named Vinny Troia. Hefound almost 4 terabytes of data--about 1.2 billion records--simply sitting in an unsecured Google Cloud server,Wiredreported on Friday.

Troia describes the data as a collection of profiles that include home and mobile phone numbers, email addresses, work histories based on LinkedIn profiles, andother social media profiles like Twitter and Facebook.

"This is the first time I've seen all these social media profiles collected and merged with user profile information into a single database on this scale," Troia told Wired.

The database doesn't appear to include any Social Security numbers or account passwords--but that doesn't mean it isn't dangerous. In an era where cyber-thieves have grown increasingly adept at impersonating others in an attempt to gain control of user accounts, this information is a gold mine.

Some companies simply scrape together publicly available information and store it in databases for marketers or other interested parties. For example, at least some of the information Troia found--including 600 million email addresses--appears to have come from a company called People Data Labs (PDL), which provides it to a variety of customers.

This information is usually used to create profiles of consumerslike you and me--so that when we enter an email address to get a discount code from an online retailer, for instance, the retailer can match that email address to other information like social media profiles, job title, and even income.

That's creepy, to be sure, but technically legal. The problem iswhen all of that information ends up in the wrong hands.

PDL told Wired that it doesn't believe it was hacked, since it would be easier to simply obtain the information through legitimate means. But the existence of information itself is concerning.While it's not clear exactly who owned the database, what they planned to do with it, or where itcame from originally, the reality is that these companies have plenty of your personal data stored. Most people would likely be shocked to find out exactly how much information is collected, and how much these companies know about them.

Troia says he has notified the FBI and the database was takenoffline. He also uploaded the information to http://www.haveibeenpwned.com, which allows users to identify whether or not their personal data has been included in a data breach. If, for example, your email addresswas included, that doesn't mean your account has been compromised, but it's probably a good idea to at least change your password (I just did).

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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An Enormous Data Breach Left the Personal Information of 1.2 Billion People Sitting Out in the Open - Inc.

On one busy corner of Kansas City's St. John Avenue, a community is coming together to create a piece of art that reflects the whole world.

Home to culturally and ethnically diverse businesses and many artists, the city's Historic Northeast neighborhood is already a colorful place.

Rebecca Koop's pottery studio, however, was a gray building with smooth Art Deco curves (back in 1929, it had been an auto repair shop). Over the last couple of years, a picture of the earth began to take shape on the facade as Koop and her neighbors spent long summer days on scaffolding placing section after section of tile.

I just wanted an earth and I want it to be interactive and I wanted to meet my neighbors to have this be a community project, says Koop, and offer it as a teaching opportunity and really just kind of a neighborly kind of thing.

Fifteen years ago, she had the idea for a large-scale mosaic that would cover the front of the building. So she started collecting cheap, surplus tile.

At that time there was a lot of colored tile, and so I tried to just grab up as much blue and green tile as I could find," she says. "Its easy to find tan and taupe and white. And I thought I had enough. Well, no I didnt.

The building might not look big, but Koop has more than 600 square feet of surface to cover. Every tiny piece must be cut, shaped and organized into a pattern.

Where the earth meets space, I have the phases of the moon, says Koop. And of course between those phases we have space and points of light, so Im putting the constellations up there.

Koop is a full-time potter and ceramics teacher. Shes also the events director for the Northeast Kansas City Chamber of Commerce, and she runs the community garden next to her studio. But she spends most of her spare time cutting tile, grouting, and dreaming up the next section of the mosaic.

Koop's also a bit of an art activist. On Wednesday evenings, she invites her neighbors to make their own mark on her wall.

You just cant imagine that a tiny little inch tile is then going to develop into a square foot, which will then develop into an entire mosaic, says Beth Keith, who lives just around the corner.

Its a slow, plodding-type project," says Keith. "Those are the best kind, often. I can just come and be a little part of that and watch it slowly develop and then now we can stand back and look at it and say, 'Wow.' She should be proud.

Another helper is Koops intern, Adrian Feiber, a senior at The Kansas City Art Institute.

I had to do little sections here and there," Feiber says. "But I really couldnt tell you exactly, like, a spot that I did for sure. Missouri I remember, the Colorados and areas like that; Canada and the lakes. I know Ive got a tile in there somewhere, but I couldnt point to it exactly.

The work isnt easy.

Me and all of the others who have helped have cut, you know, many, many, many pieces of tile and thats pretty labor intensive, says Keith. And, you know, I am not a young thing so I would have aches and pains after cutting tiles.

Koop and her neighbors worked outside until late October. Now, the grout has been sealed and prepared for the winter. After two years of work, the mosaic now stretches more than halfway across the building.

Its been an experience," Koop says with a laugh. "Its an exciting experience, actually, because I can see the progress.

Theyll spend the next few months inside, cutting more tile into tiny pieces. When the weather warms up, they will be out here again. If all goes well, Koop expects itll be done this time next year.

Julie Denesha is a freelance photographer and reporter for KCUR. Follow her on Twitter@juliedenesha.

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Neighbors In Kansas City's Northeast Have Spent Years Piecing Together This Mosaic Of The World - KCUR

Sustainability experts for decades have been exhorting managers to focus more on the function their products deliver and less on the product itself. Biosphere Rule #5, Function Over Form, is focused on fulfilling customers functional needs in ways that sustain the value cycle.

This is the sixth in a seven-part series on what author Gregory Unruh calls theBiosphere Rules. Readpartsone,two,three,fourandfive.

Biosphere Rule #5, Function Over Form, is focused on fulfilling customersfunctional needs in ways that sustain the value cycle. As we will see, this ruleis an inevitable consequence of building out a Sustainable Product Platform,as discussed in the previousinstallment.

As always, the biosphere serves as our guide. Nature has been experimenting witha variety of species playing different ecosystem roles for billions of years.The diversity of the biospheres innovation is impressive. For example, thereover 200,000 species doing some form of pollination including moths,butterflies and bees; as well as bats, birds and bears. Nature is not fixated onthe specific organism doing the work, but more on the function pollination being fulfilled. It's the functions that provide the ecosystem services neededto sustain the biosphere.

Sustainability experts for decades have been exhorting managers to focus more onthe function their products deliver and less on the product itself. They call oncompanies to servicize their business and one of the first executives toheed this siren song was Ray Anderson, the legendary founder ofInterface carpet. In the1990s, Anderson read Paul Hawkens classic, The Ecology of Commerce whichcalled, among other things, for companies to stop selling products and startdelivering the functional service provided by the product. Pioneering theapproach, Interface launched the EvergreenLease in 1995 under theslogan, Selling carpet without selling carpet.

There were a lot of good arguments for leasing instead of selling carpet. Forexample, carpet wear follows the 80/20 rule, where 80 percent of the wear occurson the 20 percent high-traffic surface area. The carpet underneath desks andfiling cabinets gets almost no wear at all. In providing carpeting service,Interface could inspect the carpet on a monthly basis, and just replace thehandful of worn-out carpet tiles. Because less product is being replaced, itresults in an environmental and business win-win.

While the arguments were compelling, the Evergreen Lease ran into problems thebiggest of which was the tax rules around leasing. Leasing is tax advantagedbecause you are allowed to deduct lease payments as a business expense. Butthere is a legal expectation that the leased product will have economic value atthe end of the lease. If you are leasing a BMW, for example, the car isstill valuable when the lease expires. The problem with the carpet tiles is theydidn't really have any economic value at the end of their lease; there wasnothing that Interface could really do with them in fact, they imposed adisposal cost on the company. If at the end of the lease the product was usedup, from a tax perspective you weren't leasing anything; you were merelyfinancing the sale. For this and other reasons, the Evergreen Lease foundered.

Interface, however, was not staking its whole sustainability strategy onEvergreen and was, at the same time, actively pursuing a value-cyclingstrategyfor its carpet tiles developing series of technologies that would became oneof the first fully operational product value cycles. The Reentry2.0 technology allowedthe company to separate the soft-face fiber you walk on, from the heavy backingmaterial. The face fiber was then deep-loop value-cycled back into new fiber.For the backing material, Interface created CoolBlue,a system that would grind up old backing material and cycle it into fresh tilebacking. These technologies comprised a sustainable product platform and changedthe situation for Interface. Leasing became a possibility because the platformgave the tiles value at the end of the lease they were valuable, andnecessary, inputs for Interfaces production process.

But it was more than that: If your value cycle depends on a constant flow ofinput materials, and those input materials are old carpet that is installed atyour customers office building, do you really want to sell that carpet at all?The tiles are an integral part of your value cycle, so who really owns thatcarpet?

This question is an inevitable outcome for any company building a value cycle.The materials in your product, like the carpet tiles installed in yourcustomer's office, are actually part of your production system. A clientsoffice is serving as your warehouse, storing your input materials until they areneeded for a new production run. Your customer is fully integrated into yourproduction system. They are a customer, in that they are purchasing yourproduct, but they also then become a supplier of production materials. You entera new world where your suppliers and customers merge into custopliers andsurplustomers.

This is an inevitable outcome of pursuing a sustainable product platform. Youmove away from the sell it and forget it model into an entirely new businesssystem. Your company naturally moves to a servicized model, where the deliveryof functional service, not the transfer of ownership, becomes primary: productfunction over product form.

Dr. Gregory C. Unruh is the Sustainability Editor for the MIT Sloan ManagementReview and author of the new book, The Biosphere Rules: Natures FiveCircularity Secrets for Sustainable Profits*. For a limited time, SustainableBrands subscribers can download a complimentary digital copy of the book*here.

Published Nov 25, 2019 7am EST / 4am PST / 12pm GMT / 1pm CET

Dr. Gregory C. Unruh is the Arison Professor of Values Leadership at George Mason University in the Washington DC Metro area, and the Sustainability Editor for the MIT Sloan Management Review.

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The Biosphere's Guide to Foolproofing Sustainability, Part 6: Function Over Form - Sustainable Brands

While becoming a parent may be easy for many people, doing a stellar job in the role often is not. Here's what the parents of the most successful kids do differently, according to a handful of recent studies.

They limit screen time

You probably understand that letting your child sit in front of a screen for hours at a time isn't good for his or her development and health. But in reality, policing this aspect of life is difficult considering the ubiquity of digital entertainment and the reality of how young people use social media to relate with one another. But it's definitely a battle worth fighting if you consider a study which found that kids whose screen time exceeded limits set by the American Academy of Pediatrics (AAP) actually have less functional brains. Researchers tested the language and literacy skills of 47 preschoolers between ages three and five and conducted imaging on their brains. The kids who had higher levels of screen-based media use had lower microstructural integrity of white matter tracts.

They don't spank

The AAP recently issued its most strongly worded policy statement on this topic. According to a bunch of studies conducted in recent years, corporal punishment has multiple detrimental effects on kids. It can lead to aggressive and defiant behavior, increases the risk of mental health disorders and cognition problems and can negatively affect the parent-child relationship. And why one might wonder why the AAP would even have to mention this, spanking tots younger than 18 months increases the likelihood they get physically injured.

They're warm and accepting

This is especially true for mothers. Researchers at the University at Buffalo in New York studied more than 140 teenagers and found that those who had warm and accepting mothers were less likely to be in an abusive relationship later in life. The teens filled out a series of surveys in eighth grade and later in high school regarding their exposure to conflict between their parents, what their relationship was like with their mothers, and any dating violence which they had experienced.

"Children form internal working models about themselves and others based on the quality of their relationship with their parents," lead investigator Jennifer Livingston said in a statement. "If the primary caretaker is abusive or inconsistent, children learn to view themselves as unlovable and others as hostile and untrustworthy. But positive parenting behaviors characterized by acceptance and warmth help children form positive internal working models of themselves as lovable and worthy of respect."

They make sure kids get enough sleep

Researchers analyzed survey responses from parents and caregivers of 49,050 children aged 6 to 17 regarding how many hours of sleep on average a child in their household gets. According to the AAP, sufficient sleep means getting at least 9 hours on an average weeknight for children aged 6 to 12 years and at least 8 hours on an average weeknight for teens 13 to 17. It turns out that about a third of schoolchildren don't get enough sleep on weeknights. While it might not strike you as the worst thing in the world, it's another thing which the best parents take seriously. Kids who don't sleep enough are less likely to show interest in learning new things, care about doing well in school, work to finish the things they start, do all their homework and stay calm when faced with a challenge.

They play with their kids

Oxytocin is a critical hormone when it comes to mental health because it's involved in social interaction, bonding and relating to others. It's activated when people experience eye contact, empathy or pleasant touch. But how parents -- again, especially mothers -- interact with their babies actually affects the development of their children's oxytocin systems. Researchers studied a session of free play between mothers and their five-month-olds and collected saliva samples from the parent and child during the visit and also a year later. They found that the children whose mothers were highly engaged in the play session had experienced "epigenetic changes" in their DNA. Essentially, they had increased expression of the oxytocin receptor gene, meaning they were better able to experience the positive effects of the hormone.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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Science Says the Most Successful Kids Have Parents Who Do These 5 Things - Inc.

November 25, 2019 | David Kennedy | Senior Architect, Bailey Edward

The American Dream as we have known it is no longer part of the American success story. With a shortage of six million homes to house our families, the United States is facing a housing attainability crisis.

Today, only 18 percent of the Americans earning the medium income can afford a home in their communities, a number that inflates to 30 percent in urban areas. By taking advantage of existing Low-Income Housing Tax Credits (LIHTC), the government and the private development community can work together to increase the supply of affordable housing to minimize the current crisis.

Based on the Low-Income Housing Act of 1989, corporations and investors can receive tax credits for investments in building low-income housing across the country. These tax credits are a popular tool to provide millions of dollars to developers for the design and construction of low-income housing. There are two primary vehicles for LIHTC: 4 percent bonds and 9 percent investment credits. While both provide funding for low-income housing projects, the type you chose will depend on your project.

Although some of the 4 percent projects are new developments, most are acquisition/rehabilitation projects. These renovation projects typically prove to be less costly per unit but also are common in areas where low-income housing is not in as much demand. The more lucrative 9 percent investment credits are more ideal for new construction as they cover a larger percentage of development costs.

Unfortunately, these tax credits are severely underfunded. The current federal budget allocates around $9 billion nationally for these tax credits. Because these funds are so limited, the guidelines and applications for all LIHTC projects are comprehensive and onerous. Its important to ensure what little funding there is goes to projects that are built efficiently, both for cost and energy. But knowing why others have been turned away can give great insight to fine-tune a potential project and better your chances of receiving these tax credits.

Private developers can increase their opportunity to receive LIHTC credits and thus increase the supply of low-income housing by reducing costs. Perhaps the best route for a developer to take is to lower construction costs through thoughtful construction management and design. One such way to decrease construction costs is by minimizing the number of trades used to build a housing project, therefore increasing efficiency. Most housing developments take a minimum of fifteen separate trades to complete a home or apartment building and this inefficiency adds cost to the project. While it may be difficult to modify the traditional trade skills, by self-performing a few of the trades, general contractors can reduce some of the cost.

Developers should also consider modular construction as an opportunity to decrease construction costs as well as delivery time. While this technique is not new and is used in many areas of the country, the wide-spread use of modular construction is hampered by a lack of production companies. Going this route means committing to a contractor well in advance of the construction start to get in their production schedules. But the ability to construct wall and floor panels in an enclosed factory setting allows progress to continue during inclement weather. The precision of factory construction should save some time in the field. The walls and floors can even be pre-fabricated with electrical and plumbing rough-ins, thus saving additional time.

Developers should request energy efficient design in all their projects. The current codes require tight building envelopes, but do not require net-zero energy or use of renewable energy for the buildings power source. The overall cost of maintaining and managing the new affordable developments would decrease if this were the case.

Mixed-use developments, primarily consisting of retail below housing, is a great solution for affordable housing developments because the retail uses in the building will most likely be beneficial to the residents. This could reduce transportation cost and energy usage. The retail portion of the development is not typically funded by the LIHTC. However, if the project is large enough (over $5 million on the commercial uses), they could qualify for New Market tax credits, another government-sponsored funding source.

Of course, the best way to ensure affordable housing projects receive funding is to ensure the right people are in office to increase budgets to these programs. When it comes time to cast your vote, be sure to investigate the candidates stance on affordable housing and zoning. But in the meantime, these energy- and cost-effective solutions can help developers navigate the current LIHTC situation and improve their chances of receiving these credits, thus chipping away at the current affordable housing crisis.

About the Author

David Kennedy has nearly 40 years of experience working on a variety of project types, including multi-family, healthcare, office and retail. Projects have included affordable housing units, mixed-income developments and high-rise apartments. As a Senior Architect at Bailey Edward, David has led design teams, business development efforts, client management and staff development on projects. He is a thoughtful architect of the highest integrity who invests his time and vision greatly into the projects he leads.

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Solving the housing attainability crisis - REjournals.com

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII) (the Company) today announced that its wholly-owned subsidiary, Lippert Components, Inc. (LCI), a supplier of a broad array of highly engineered components for the leading original equipment manufacturers (OEMs) in the recreation and transportation product markets, and the related aftermarkets of those industries, has entered into a definitive agreement to acquire CURT Group (CURT), a leading manufacturer and distributor of branded towing products and truck accessories for the aftermarket, for approximately $340 million. The transaction is expected to close before the end of 2019, subject to customary closing conditions, including regulatory approval.

With a strong reputation for product innovation, engineering, and brand excellence, we look forward to welcoming CURT President Rock Lambert and his team to the LCI family. Culturally, CURT is a strong fit, with a deep focus on delivering innovative products and an unwavering commitment to quality and superior customer service. Its highly complementary portfolio, combined with its strong brands and extensive distribution network, will significantly expand our addressable market. With a track record of delivering remarkable financial performance and strong cash flow generation, we believe that the addition of CURT will further advance our long-term growth strategy to bring our core competencies to new, attractive markets and diversify our business to drive outperformance throughout the cycle, said Jason Lippert, CEO and President of LCI.

CURT, headquartered in Eau Claire, Wisconsin, maintains a robust product portfolio comprised of thousands of SKUs across various product lines, including hitches, towing electricals, ball mounts, and cargo management. CURT boasts a significant market position, owning and operating a stable of leading brands, including CURT, Aries, Luverne, Retrac, and UWS. Leveraging a multi-channel model, CURT serves customers across e-commerce, direct-to-installer, and distribution channels. In addition, CURT has a wide distribution network, with centers strategically located throughout the U.S. to serve its North American customers. For the 12-month period ended September 30, 2019, CURT delivered approximately $255 million of revenue.

With its proven track record of building high-quality products and successfully sourcing and integrating companies, LCI is an ideal partner for us. Both LCI and CURT have strong reputations and positions fostered through a culture of innovation, history of high-quality products, customer satisfaction and retention, and manufacturing excellence. We look forward to joining the team and further positioning the business for long-term success, said Rock Lambert, CEO of CURT Group.

Faegre Baker Daniels LLP is serving as LCIs legal advisor on the transaction.

Summary Terms of Agreement and Financing

Webcast and Conference Call Information

LCI will host a conference call beginning at 8:30 AM EST on Friday, November 22, 2019. The conference call may be accessed by dialing (888) 525-0270 for participants in the U.S./Canada or (704) 935-3405 for participants outside the U.S./Canada using the required conference ID 9190245. Alternatively, interested parties can listen to a live webcast of the conference call by logging on to the Investor Relations section of the Companys website at https://lci1.com/investors/. A replay of the webcast will also be archived on the Companys website for a period of twelve months following the release.

About LCI Industries

From over 70 manufacturing and distribution facilities located throughout North America and Europe, LCI Industries, through its wholly-owned subsidiary, LCI, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries primarily by selling to retail dealers, wholesale distributors, and service centers. LCIs products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; electronic components; appliances; televisions, sound systems, navigation systems, and backup cameras; and other accessories. Additional information about LCI and its products can be found at http://www.lci1.com.

Forward-Looking Statements

This press release contains certain forward-looking statements including with respect to the expected timing of the closing of the transaction, the expected financial impact and accretive nature of the transaction, the expected sources of funds for the transaction, the expected impact of the proposed transaction on the Companys operations, markets, prospects, strategies and efficiencies, and other matters. Statements in this press release that are not historical facts are forward-looking statements for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements are necessarily estimates reflecting the best judgment of the Companys senior management at the time such statements were made. There are a number of factors, many of which are beyond the Companys control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, (i) conditions to the closing of the transaction may not be satisfied; (ii) the transaction may involve unexpected costs, liabilities or delays; (iii) the Companys business or stock price may suffer as a result of uncertainty surrounding the transaction; (iv) the Company may be unable to achieve expected synergies and operating efficiencies from the transaction within the expected time frames or at all; (v) the Company may be unable to successfully integrate CURTs operations into its own, or such integration may be more difficult, time consuming or costly than expected; (vi) following the transaction, revenues may be lower than expected, and operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected; (vii) the outcome of any legal proceedings related to the transaction; (viii) the Company may be adversely affected by other economic, business, and/or competitive factors; (ix) risks that the pending transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the pending transaction; (x) other risks to consummation of the transaction, including the risk that the transaction will not be consummated within the expected time period or at all; and (xi) the risks described from time to time in the Companys reports filed with the Securities and Exchange Commission under the heading Risk Factors, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, subsequent Quarterly Reports on Form 10-Q and in other of the Companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which such statements were made. Except as required by applicable law, the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances arising after such date.

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Lippert Components Signs Definitive Agreement to Acquire CURT Group, a Leading Manufacturer and Distributor of Branded Towing Products and Truck...

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