MIDLAND, TX (KWES) - The Midland City Council met on January 23 to discuss solutions on bringing more affordable housing to the city, but how does the city define affordable housing?
City Council considers affordable housing as family homes valued under $200,000 and offer incentives to developers who build them. Though, the average value of homes sold in Midland has moved further and further away from that figure.
Consider this, in 2012, 1,919 homes were sold at an average price of $236,767. However, in 2018, 2,498 homes sold for an average of around $326,670.
In just 6 years that is an $89,903 increase of average sales prices.
Although Annie Parchman, the executive officer of the Permian Basin Builders Associations, has said she is delighted to hear some of the improved incentives the city council members are considering after a special meeting held earlier this week.
“I think that what they did yesterday [January 22] is a huge step in the right direction, I think that we don’t need to stop the conversation, we shouldn’t stop meeting, and we need to keep up the communication, we have to do it for our residents,” said Parchman.
City council members considered several solutions in their special meeting with city staff, including doubling reimbursement incentives for developers on qualifying homes, and lowering the number of homes needed to be built for qualification from four to just one.
They are also considering reducing building permit fees and allowing floor plans that could reduce costs for consumers.
“It’s gonna take a handful of special builders who want to consider this need and we have member in this association that ready to do that,” said Parchman.
Though no definite terms have been set for the improved incentives for developers, Parchman has said she’s looking forward to her organizations next discussion with city officials and hopes to get something in place soon.