Yahoo Finanza Arkansas Housing Project Targets Affordability For Teachers
The Excellerate Foundation has pivoted its affordable housing project in Bentonville to better support school staff after its initial plans faced hurdles in rezoning approval.
Housing to make Bentonville more livable for public school employees is in progress. Axios reported on Wednesday that plans have been altered following a February City Council decision.
The Excellerate Foundation postponed a 100-unit project on Southeast J Street after Bentonville’s City Council narrowly voted against rezoning the land. This project included 40 units reserved for school district employees and others for households earning $27,000 to $75,000 annually.
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The supply of homes for sale has remained tight, contributing to competitive market conditions and driving up prices.
As a result of the vote, Excellerate’s application for a federal low-income housing tax credit by the March 4 deadline was delayed by at least a year.
According to Axios, Debbie Jones, superintendent of Bentonville schools, emphasized the importance of this development. In 2021, three new employees broke their contracts due to unaffordable housing. Jones always discusses housing realities when recruiting staff.
The average rent in Northwest Arkansas exceeded $1,005 monthly in 2023, a 27% increase from January 2022. The median single-family home price rose 55% from 2019 to $328,400 in 2023, making affordable housing crucial.
Excellerate shifted its plans to the McAuley Place development at Southwest I and 41st streets near the community center. It now includes housing for teachers and school staff, with openings expected in 2025 and project completion in 2026.
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Funded by state and federal tax credits, philanthropy, and financing, McAuley Place will feature 120 apartments and 40 single-family cottages. The apartments will be available to households earning 30% to 60% of the area’s median income.
The project will provide a child care center and on-site classes, as well as plans for homeownership readiness programs. Construction students from the school district's Ignite program will assist in building the housing.
Excellerate president and CEO Jeff Webster stated that the original property donated by the school district to Excellerate may still be developed later.
The housing market in Bentonville has been under pressure for several years, with significant increases in rental and home prices. The steep rise of 27% in average rent from January 2022 to 2023, paired with a 55% surge in the median home price since 2019, has made affordable housing a pressing concern.
For the Bentonville School District, this issue isn’t just about numbers. Superintendent Debbie Jones has highlighted real-world implications, including losing newly hired staff due to housing unaffordability. The restructured McAuley Place development, now including 160 units specifically for school staff, seeks to address this problem directly. Including housing nearing vital community centers and potential future programs like homeownership readiness could provide long-term solutions for the district.
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