Renderings: Income-based housing on the way for Springdale
A new apartment complex intended to ease housing cost burdens is coming to downtown Springdale.
Why it matters: The Northwest Arkansas Council recently called the lack of affordable housing one of the region’s biggest challenges to sustained growth, as we reported last week.
- The influx of people combined with less land available for development has helped push home prices to record highs.
What's happening: The plan is for Spring Creek Village to include approximately 80 apartment units on about 6 acres one mile east of the Jones Center.
Details: The apartments will be reserved for people who earn 80% or less of the area's median income. The hope is 25% of the units will be restricted to people who make 50% or less, Sterling Hamilton, assistant vice president of Cushman & Wakefield, tells Axios.
- Residents will pay 30% of their income for rent and utilities. The amount adjusts for the number of members per household.
Context: The developers weren't able to confirm the exact income bracket because the project won't be complete until at least 2023, and the federal government determines area median income annually. The number of household members is also a factor.
- The Federal National Mortgage Association currently states the area median income is $73,200 — 80% of that is $58,560.
1 cool thing: The apartments will have a trail connection to the Razorback Greenway.
What's next: Construction is tentatively scheduled to start summer 2022, Hamilton says.
- Hamilton says the developers hope to create similar developments in other NWA cities.
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