July 20, 2020
The Odessa Development Corporation unanimously approved a workforce housing incentives infrastructure plan aimed at bringing additional workforce housing to the city, the Odessa American reported. The measure will be sent to the City Council to be approved at its Tuesday meeting.
The plan will provide incentives to builders to cover the cost of infrastructure — water-, sewer- and transportation-related facilities — in exchange for building housing that meets certain criteria. The incentives would be paid through $5 million set aside by the city that was going to a Summit clean energy coal plant project prior to Summit’s bankruptcy declaration
The idea is to incentivize building of housing aimed at households earning 80% to 120% of the area median income, which in the case of Odessa is $73,900, according to the Odessa American. The plan initially set a price range of $130,000 to $275,000, but the threshold was lowered to $225,000.
For comments, questions or concerns, please contact Paul Bubny