HOBBS, N.M. (AP) — The city of Hobbs has approved two new projects to add much needed affordable housing in the area.
The Hobbs News-Sun reports (http://bit.ly/19NMSEn) the two housing projects by Tierra Realty Trust and JL Gray Company were approved this week during a special meeting of the Hobbs City Commission.
The developers are now among five developers that Hobbs officials are supporting in their mission to compete for tax credits given annually by the New Mexico Mortgage Finance Authority.
The developers now must go before the Mortgage Finance Authority to win one of the tax credits.
The new housing projects come as Hobbs struggles to find affordable housing for residents amid an oil boom in the region.