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Commission approves Builders Build development agreement that continues housing incentive program
Summary
The commission approved a development agreement with Builders Build LLC enabling market-rate single-family construction under a program capped at $15,000 per lot (up from temporary pandemic reductions) and funded by county housing dollars; commissioners said the program supports local homebuilding.
The Hobbs City Commission approved a development agreement with Builders Build LLC under the city's housing incentive program, which reimburses public-infrastructure costs adjacent to new homes. Assistant City Manager Todd Randall said the program uses a $15,000-per-lot reimbursement basis (previously reduced during the COVID period) and that the commission had approved a maximum $300,000 per development agreement for a one-year term.
Randall said the available budget for the program is $2,445,000 and that the funding is 100% county housing dollars. He also noted that one outstanding development agreement would be terminated and encumbered under the new agreement.
Commissioners praised the program as a way to encourage more housing in Hobbs; Commissioner Penick moved and Commissioner Girth seconded the motion to approve, and the motion passed by recorded vote.
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