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New Mexico oil boom town approves housing incentives

July 1, 2018

HOBBS, N.M. (AP) — A New Mexico city in the heart of the state’s booming oil and gas country has approved tens of thousands of dollars of incentives to help subsidize the development of more single-family homes.

The Hobbs News-Sun reports the city commission recently approved a total of $305,000 in incentives as part of development agreements with homebuilders to address the community’s housing crunch.

One of the development agreements was inked with Habitat for Humanity of Hobbs for the construction of 20 low-income, single-family homes.

Habitat for Humanity will receive up to $105,000 for infrastructure incentive reimbursements.

The incentives are for public municipal infrastructure such as water and sewer lines, streets and sidewalks.

City officials say similar development agreements since 2012 have resulted in nearly 1,000 multi-family units and about 340 single-family homes.

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Information from: Hobbs News-Sun, http://www.hobbsnews.com