Housing Finance Corporation Revived to Tackle Local Housing Crisis

During a recent government meeting, officials discussed the revitalization of the Pecos Housing Finance Corporation, which has been inactive since its establishment in 2015. The corporation is now seeking to amend its certificate of formation to facilitate new housing developments aimed at generating funds for the local housing authority.

Key discussions highlighted the need for innovative funding solutions for the housing authority, which has been facing challenges due to limited government funding. The proposed amendments include the addition of an inspector and a broader public purpose for the entity, which aims to enhance its operational capacity.

Officials emphasized that the initiative is not solely focused on the housing authority but also seeks to create additional housing units in the community. The partnership with developers is expected to yield tax benefits that would ultimately support the housing authority's financial needs.

The meeting revealed a pressing demand for housing in the area, with waiting lists for one, two, and three-bedroom units ranging from 20 to 35 applicants, often waiting six months to a year for availability. The housing authority plans to address these needs by upgrading existing facilities and exploring new development opportunities.

The proposal to amend and reinstate the corporation's articles is seen as a crucial step in addressing the community's housing challenges. The addition of a new board member, Cara Turn, who brings significant banking expertise, was also endorsed as a positive move for the corporation's future. The governing body is expected to vote on the proposed changes in the coming weeks.