The Troy Planning Commission approved plats for 12 new home sites Wednesday at a commission meeting, Troy City Planner Calvin Lott said.

“We’d like to see new homes being built,” Lott said. “It’s good for the economy.”

He added that current low interest rates are favorable for developing and buying homes.

Walt Stell, from Environmental Precision, received approval for the revamp of three lots on College Heights subdivision in the 400s address block of East Street. The plat would create five home properties with a size of 75 feet by 149.5 feet.

He also got the OK on seven patio home lots in the 600s address block on Willow Street and Orion Street.

Three of the lots face the south side of Orion Street, and four lots face the west side of Willow Street. Those lots will range from 7,314 square feet to 9,044 square feet, or an average of 60 feet by 140 feet for each lot.

Since the lots are already bordering the street, developing them won’t require new roads or the pricey labor that comes with roadwork, Lott said.

“If it’s already there, then you don’t have those costs,” he said.

Four of the seven lots in the 600s address block have already been targeted for development, Stell said. In order to serve the new homes, the 1-inch water line that currently runs through the neighborhood will be swapped out for a 6-inch line.

Stell said there is still a need for homes in the area. He added that people may begin to show more hope about buying property and putting down roots — particularly after Election Day.

“We’re confident that the housing market is going to pick up after the elections. People are more settled — the confidence in the housing market and the confidence in general is going to get better,” Stell said.