Funding secured for Bentonville teacher housing project

The nonprofit Excellerate Foundation has the money to build income-driven housing that will include units designated for Bentonville School District employees, a spokesperson for the organization told Axios.

State of play: Excellerate on Wednesday announced a commitment of $18.7 million — $13.8 million in federal tax credits and state loans, and a $4.9 million grant from the Walton Family Foundation.

• McAuley Place , at Southwest I and 41st streets in Bentonville, will cost $35 million that will come from a combination of state and federal tax credits, philanthropy, state and federal financing, and bank financing.

Zoom in: The development will include 120 apartments, 40 single-family cottages and an early-learning center.

• The cottages are for employees of Bentonville School District whose household income is up to 100% of the area median, which is $94,400.
• The apartments are for anyone whose household earns 30-60% of the area median income — or $28,320 to $56,640.

What's next: Excellerate plans to start site work "in the following weeks," with plans to complete the first 60 multifamily units and the early-learning center late next year, according to a news release.

• The project is expected to be fully finished by the end of 2026.