Since 2000, Lea County’s population has grown 18% and the labor force has increased by more than 30%. This growth will continue with the new projects slated to begin operations in the near future. More than 4,000 housing units are needed to meet the current and future demand for housing.
A study completed by urban economists evaluated the housing market in Lea County and made long-term projections for the housing needs through the year 2020. The study looked at population and employment growth to estimate the number of housing units that were needed. In 2012, Lea County surpassed the 2020 growth predictions.
Hobbs Housing Incentives
The City of Hobbs is offering the following incentives for developer expenses related to installing new public infrastructure, streets, curbing, sidewalk, and water and sewer mains installed by the developer at pre-approved city prices, on a per unit basis.
- Single Family Housing – (SFH) is defined as a permanently constructed/installed, rental or “For Sale” housing development in Hobbs in any combination of Modular, Manufacture, Site Built or total Renovation of existing vacant residences.
- Market-Rate Rental Housing – (MRH) is defined as a permanently constructed, rental housing development in Hobbs that does not offer or provide any housing units with a subsidized or reduced rent payment based on the level of income of the household renting the unit.
Incentive Award Amounts
- South of Sanger Street: Up to $20 per square foot of finished living space, max $20,000 per unit or $500,000 per proposal ($15 per square foot for MRH, with max of $750,000 per proposal).
- North of Sanger Street: Up to $10 per square foot of finished living space, max $10,000 per unit or per proposal $500,000 Program Requirements.
- Minimum of 4 housing units per project location and must be fully served by infrastructure.
- Infill infrastructure improvements will be funded to provide new or replacement water or sewer facilities, curbing, sidewalk, street improvements and paving, if additional housing is proposed as the project.
- Full developer financing for 100% of project must be in place prior to award of the proposals.
- The design of the project must be complete within 90 days of award of the contract with the City.
- Construction/Installation must be 50% complete within six months of award, with total completion within 1 year following award of the contract. Completion date may be extended for projects exceeding 20 units.
For your convenience and additional information, download our Lea County Residential Development Package and H.O.M.E. Brochure:EDCLC Residential Development Package Home Brochure