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Commission approves development agreement with Stewart Homes for market‑rate single‑family units
Summary
The commission adopted Resolution 7673 approving a development agreement with Stewart Homes LLC that authorizes up to $300,000 in city subsidy (about $15,000 per unit at the maximum) to support market‑rate single‑family housing in an identified growth area.
The Hobbs City Commission unanimously approved Resolution 7673, a development agreement with Stewart Homes LLC to support market‑rate single‑family housing, Tom Randall told the commission. The agreement authorizes a maximum city subsidy of $300,000, which staff said equates to up to $15,000 per unit at the maximum subsidy level described in the presentation. Tom Randall, a city staff member presenting the item, framed the agreement within the city’s broader housing…
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