Attainable housing project set for Bentonville

Of note: As of June, average rent prices in NWA were up 10.6% to $952 from $860 a year earlier, according to the Arvest Skyline Report.

Details: The McAuley Place development will be built on 11.4 acres at the corner of SW I Street and SW 41st Street.

• The first phase will include 60 units with 1-3 bedrooms and is scheduled for completion by the end of 2025.
• An exact timeline for the additional 140 units hasn't been determined.

Backstory: The project is the result of public/private work between Excellerate Housing, Strategic Realty and Mercy Health of Northwest Arkansas.

• Mercy sold the land to the Excellerate Foundation for $1.3 million — below market value. The foundation then donated the land to its housing arm.

The bottom line: McAuley Place will be part of the federal Low Income Housing Tax Credit program, under which rent amounts will be protected for the next 35 years by state and federal guidelines.