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Eddy County manager proposes $15.5 million municipal housing fund to speed construction
Summary
County Manager Mike Gallagher asked the Eddy County Commission to set aside roughly $15.5 million—half of last year's general-fund surplus—to finance housing and housing-related infrastructure projects proposed by cities and towns; mayors and commissioners said they welcomed the offer and asked for project-level agreements and accountability.
Eddy County Manager Mike Gallagher proposed that the commission set aside half of last year's general-fund surplus'about $15,500,000'to be allocated to municipalities for housing and related infrastructure projects, and asked that cities bring shovel-ready projects back to the commission for individual approval.
Gallagher said the county had an excess general-fund balance of about $31,000,000 and that his recommendation was to reserve roughly half of that. "Take half of our general fund surplus from the previous year, which was an excess of $31,000,000. And setting aside half of that, just over 15,500,000.0," Gallagher told the commission.
The proposal would allocate the funds to municipalities by population and require each city or town to submit specific project requests for the…
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