The nonprofit Excellerate Foundation has the money to build income-driven housing that will include units designated for Bentonville School District employees, a spokesperson for the organization told Axios.
State of play: Excellerate on Wednesday announced a commitment of $18.7 million — $13.8 million in federal tax credits and state loans, and a $4.9 million grant from the Walton Family Foundation.
McAuley Place, at Southwest I and 41st streets in Bentonville, will cost $35 million that will come from a combination of state and federal tax credits, philanthropy, state and federal financing, and bank financing.
Zoom in: The development will include 120 apartments, 40 single-family cottages and an early-learning center.
The cottages are for employees of Bentonville School District whose household income is up to 100% of the area median, which is $94,400.
The apartments are for anyone whose household earns 30-60% of the area median income — or $28,320 to $56,640.
What's next: Excellerate plans to start site work "in the following weeks," with plans to complete the first 60 multifamily units and the early-learning center late next year, according to a news release.
The project is expected to be fully finished by the end of 2026.
