Economic Development & Housing Programs
In April of 1994, City of Odessa and OHFC entered into an agreement that resulted in the development of the Hendley Subdivision. From April 1994 to January 2000, there were fifty-three (53) new three (3) bedroom homes constructed and sold. The low to moderate-income families who purchased these homes were afforded down payment and closing cost assistance from the City which allowed them to achieve the American dream of home ownership.
In June of 1996, the Corporation completed the construction of student housing apartments on the UTPB campus. These apartments provide available housing for up to sixty-four (64) students at the University. The UTPB student housing cost approximately $1,000,000 which was funded from the liquidity of the 1992 bond issue.
In 1997 OHFC sold Lincoln Tower for approximately $2,200,000. The sales price was approximately $600,000 more than the original cost to OHFC.
During 1998, OHFC purchased eleven (11) vacant lots in West Odessa for the purpose of constructing and selling affordable housing in the area of West Odessa. From early 1999 to mid 2001, OHFC constructed and sold ten (10) new (3) bedroom homes on the West Side of Odessa. These homes were also sold to low to moderate-income families. Four (4) of the West Side homebuyers received down payment and closing cost assistance from the City.
In early 2000, OHFC purchased thirteen (13) vacant lots in South Odessa. Constuction began in September on four (4) new three (3) bedroom homes. To date all thirteen (13) homes have been completed and eleven (11) have been sold. Currently there are two (2) homes completed and available for sale. These homes are sold to low to moderate-income families who are eligible to receive down payment and closing assistance form the City. One (1) of the currently occupied homes in this addition was given to Angel and Denise Borunda family by OHFC in November of 2000. The Borunda’s have tow chidren, and were the winners of a drawing form approximately five hundred (500) applicants who entered the “Building Dreams One Home at a Time” Home Give-Away Campaign.
In late 2001, OHFC acquired a vacant lot in North Central Odessa. The City of Odessa gave this lot to OHFC. OHFC has constructed and sold a new three-bedroom home on this vacant lot. A school teacher who is single parent of an eight (8) year old daughter purchased the home. The mother and daughter had been living in a mobile home until they moved into their home last year.
OHFC currently has a three (3) bedroom two (2) bath home under construction in the 3100 block of North Dixie Blvd. The individual owner donated the lost on Dixie to OHFC.
OHFC currently owns seven (7) vacant lots on the West Side of Odessa. Negotiations ore underway to begin construction on two (2) of these lots. The other five (5) lots on the West Side require some infrastructure work. OHFC continues to study the feasibility of constructing on these five (5) lots.
OHFC has a contract to purchase thirty-two (32) lots on the South Side. Infrastructure cost is the hold-up on this potential housing development.
