Income-driven rental housing is coming to Bella Vista

State of play: Nonprofit Community Development Northwest Arkansas is building the $8 million Cottage Lane Village Apartments on 2.7 acres at Arkansas 279 and West Lancashire Boulevard (Arkansas 340) in Bella Vista.

• Five apartment buildings will include eight units each. Each will have 873 square feet of living area, with two bedrooms and two bathrooms.
• The development will also add a multifamily option in Bella Vista, where most housing is single-family homes.

How it works: Eleven of the units will have "steeply discounted" rents and be reserved for households earning less than half the area's median income. The median income in NWA is $94,400, according to Fannie Mae. Half of that is $47,200.

• Most households will also qualify for "workforce" rates, offering moderate discounts from market rents, according to the news release.
• Rent will start at $725 a month, spokesperson Andrea Ritchie told Axios.
• The Arkansas Development Finance Authority and the Walton Family Foundation are underwriting the project.

What's next: The apartments are expected to be complete by the end of 2025.