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Council approves residential revolving loan fund loan to Desert Rose Holdings to spur housing
Summary
Council approved a residential revolving loan fund agreement with Desert Rose Holdings LLC; staff reported the RRLF account has about $440,000 available and has been used four times since creation.
The Pecos City Council voted to authorize a residential revolving loan fund (RRLF) agreement with Desert Rose Holdings LLC to support a housing project in the city.
Heather Ramirez, identified in the packet as the assistant city mayor, presented the resolution and said the RRLF is intended to stimulate housing development and that the fund currently holds “a little bit over $440,000” for this purpose. Ramirez said the RRLF has been used four times since its creation, three loans have been repaid in full and one loan remains outstanding.
Council members emphasized the local housing shortage. One member said Pecos is short on brick-and-mortar housing and urged incentives for local developers. Ramirez explained the RRLF was initially seeded by the city and held in an interest-bearing account; she said repayments replenish the revolving fund.
Action taken: Councilman Graham moved and Councilwoman Curbio seconded approval of resolution 25-06-05 R authorizing the RRLF loan agreement with Desert Rose Holdings LLC; the motion passed unanimously.
Why it matters: Council members and staff framed the RRLF as a tool to increase housing supply during local oil- and energy-driven growth, and they discussed outreach to local developers so the fund benefits community builders.
Next steps: Staff will finalize the loan contract documents with Desert Rose Holdings LLC and monitor performance and repayments so the fund remains reusable for future projects.
