Regional
7:58 am
Sat July 6, 2013

Housing Shortage In NM Oil Boom Area

A region in New Mexico facing a housing shortage because of an oil boom has seen several planned projects fall through.

The Hobbs News-Sun reports that a number of affordable housing projects in recent months have fizzled in Hobbs and Lea County despite a pressing demand.

For example, a planned 60-home, 12-acre mobile home park that sought to bring homes priced each at less than $100,000 flopped last month due to a lack of financing.

A proposed 60-unit affordable senior living apartment complex in Jal and Eunice also floundered earlier this year when the developer didn't secure state tax credits.

Lisa Hardison, president of the Economic Development Corporation of Lea County, said some outside banks don't typically understand the area's economy.

The Permian Basin from New Mexico to Texas is experiencing the oil boom.

Copyright 2013 The Associated Press.