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By Jason Peck
Rappahannock News Staff Writer
The housing market is down, say Centex officials, and money is tight. The housing giant has another plan for financing Clevengers Village, its massive subdivision.
Centex representatives propose a partnership with Culpeper County creating an independent Community Development Authority capable of borrowing more than $90 million.
The move would increase the cost of houses for future Clevengers homeowners. But expansions to Route 229 and U.S. 211 would also happen faster, along with water and sewer infrastructure. That means commercial could be built earlier than expected.
“It’s largely a management question,” Centex attorney John Foote said. “With sales down as low as they are, Centex must manage in ways they didn’t when they were healthier. Centex paid an excess of $15 million toward infrastructure, and we’re maybe two years away from single homes.”
In exchange, Centex would also foot the county’s $2 million bill for a water-sewer plant.
The measure currently stands before the county’s Rules Committee.
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