LAST UPDATED • August 6th, 2024
Northwest Arkansas is home to some of the nation's largest corporations--including Walmart, Tyson Foods, and J.B. Hunt Transport Services--which has led to massive growth for the region as they and other local companies build their workforce. With over 30 new people moving to Northwest Arkansas daily, the housing market is increasingly stretched thin; as a result, the price of housing in our area has skyrocketed, with no city hit harder than Bentonville. Its workforce, along with the rest of the region's, has found it harder and harder to find affordable housing.
“Nowhere is the affordable housing crisis more prevalent in the region than in Bentonville”, said Jeff Webster, President/CEO of Excellerate Foundation. “The people who are the core of Bentonville—the public servants, the retail workers, the restaurant staff, paramedical professionals, and more—can’t afford to live in the city that they serve. We can’t turn our backs on the people who help make Bentonville the amazing place that it is.”
This changing reality is supported by census, income, and other regional data via Hark at Excellerate Foundation, all of which overwhelmingly shows housing reaching a crisis point. The Bentonville Housing Affordability Workgroup also confirmed this for the city in great detail through its Project ARROW process.
Bentonville Schools has also been vocal on how the district has been increasingly affected by the housing problem:
“We would offer jobs, and in the summertime, people would accept those jobs. And then they’d start looking in the housing market,” said Dr. Debbie Jones, Superintendent of Bentonville Schools. “I had three I’m aware of that had to turn around and resign those contracts, never moving here.”
McAuley Place is a public/private partnership among Bentonville Schools, Benton County, Mercy, Walton Family Foundation, Arvest Bank, BUF Studios, Hark, and Excellerate Housing, a wholly-owned subsidiary of Excellerate Foundation.
Located at the corner of SW I Street and SW 41st Street, McAuley Place is a multifamily rental development that is part of the federal Low Income Housing Tax Credit (LIHTC) program. It will serve approximately 160 families who make between 30% and 60% of the Area Median Income (AMI) while providing multiple amenities within walking distance, including schools, grocery stores, a Mercy medical clinic, and an onsite Early Learning Center.
The Northwest Arkansas Greenway borders the site, while the Bentonville Community Center sits across the street.
The public and private partners joined members of the community for an on site groundbreaking event in May 2024. Among the many exciting details about the project that were revealed was the Home Ownership Mutual Equity Solution (HOMES) program at McAuley Place.
The HOMES program at McAuley Place is set to transform the landscape of home ownership for Bentonville educators, establishing a model that could be replicated elsewhere in the region and across the nation. Excellerate Housing has specifically designed this program to build a path to affordable home ownership for families of Bentonville Schools employees whose dream of having their own home seems more impossible each day. The HOMES program emulates home ownership for families in 20 single family cottages (2 bedroom, 2 bath). Monthly payments are just $1500/month total, and many of the traditional burdens of home ownership are removed while the benefits--including equity appreciation--are retained. After a maximum of five years, participants can walk away with a projected $50,000 to use for purchasing a long-term home.
Read more about McAuley Place and the HOMES program at bentonvilleteacherhomes.com to see how you can participate in this unique approach to the housing crisis. Every voice counts when we strive to champion our children by strengthening our teachers.
ADDITIONAL RESOURCES
NWA Data via Hark at Excellerate Foundation
Project ARROW Findings and Guide
