State funds back Bentonville workforce housing

Above is a video of past coverage of the McAuley Place.

BENTONVILLE, Ark. (KNWA/KFTA) — Millions of dollars from the state and Walton Family Foundation will support housing for teachers in Bentonville.

Excellerate Housing, LLC announced today that the Bentonville Teacher Homes project will have $13.8 million in federal tax credits and state loans from the Arkansas Development Finance Authority (ADFA) . The Walton Family Foundation has also awarded a $4.9M grant to Excellerate Housing to support infrastructure and other costs related to the completion of the development.

The money will advance the construction of McAuley Place , a workforce housing development for employees of Bentonville Schools, as well as other families in the district, a news release states.

The multifamily rental development will home 160 workforce families with rent between $450 and $800 per month, which will be largely protected for the next 35 years by federal and state guidelines.

“Our list of partners continues to grow as more and more people recognize the
unique nature of what we’re doing at McAuley Place”, said J. Nash, Executive
Director of Excellerate Housing. “No one else in the nation is tackling the teacher
housing crisis quite like this, so when people learn more about it, they want to be a
part of it.”

The rentals will provide multiple amenities within walking distance, including schools, grocery
stores, a Mercy medical clinic and an onsite early learning center for the children of
residents, the news release said.

The McAuley Place broke ground on May 21. The Excellerate Housing will be choosing a contractor in the “following weeks,” the release states.

“McAuley Place is on track for a projected completion date of late 2025 for its first
phase of 60 multifamily units and the early learning center,” the release states. “The second phase will comprise an additional 60 multifamily units and 40 single-family cottages and will
be complete by the end of 2026.”

The average cost of a home in Bentonville ranges from $400-599K. Home prices c ontinue to increase in the area. In 2019, home prices in Bentonville averaged $275,000.

For more information on McAuley Place, partners and how to donate visit the website .

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