LAST UPDATED • July 13th, 2020
By digging into the federal Low-Income Housing Tax Credit (LIHTC) program, we determined that there were opportunities to build affordable housing that were not being taken advantage of in Northwest Arkansas, in large part because there is a widespread belief that the region is not well-suited to the program due to higher development costs. Affordable housing could become more prevalent if local developers and other stakeholders were shown a clear and feasible path.
Additionally, we identified that Fayetteville could be a good candidate for an affordable community given the amount of local stakeholders that were willing to join together to make the concept work.
Excellerate Foundation has partnered with New Heights Church and Strategic Realty on this project to demonstrate what an affordable community could look like in Northwest Arkansas. Additional Collaborators include Cobblestone Farms, Potter’s House, Anthology Real Estate, and a local financial institution that has helped us clear several of the initial hurdles.
Situated immediately south of Cobblestone Farm at Wedington Drive and 54th Avenue in West Fayetteville, the Community will be home to nearly 100 families, residing mostly in duplexes that range between $365 and $625 in monthly rent protected for 35 years.
Units will be one, two, three or four bedrooms, making them comfortable for households of all sizes. A portion of the units are specifically designed for those with disabilities, ensuring that affordability will be available to everyone. Cobblestone Farm Community will also include some market-rate housing to encourage the development of a mixed-income neighborhood.
A playground and green space will provide additional opportunities for recreation and connection, while future plans include a shared, multi-use community space.
Potter’s House will offer ways for residents to connect with their neighbors and others to form engaging, intentional, and diverse relationships, as well as employment opportunities in its onsite processing center for its thrift stores. Food will be available through community gardens—and, potentially, through a local market—with assistance from Cobblestone Farm.
Specialized technology created and provided by Hark will connect the Community to hundreds of solutions in the social services sector to ensure residents get the help they need.
